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[Bill Conner]

Seems like two (or more) instances here.  On a construction drawing,
the "approved" is usually for the member of the design team who is a
registered design professional who will put their stamp on the sheet.
On a submitter drawing, like a contractor or vendor submits to a
customer, approval really means acceptance, that if you provide what
is shown we will pay you for it.

I'm not sure for a production design at a school or theatre company
what it would mean.

-- 
Bill Conner Fellow of the ASTC