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Yes, it's called the Ripple Edit Tool.
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And thanks for the swift reply.
I found our that the "Ripple delete" was the function.
Is there anyway to just delete all gaps/spaces in one swift click,
instead of clicking on each empty space/gap?
Don't create the gaps in the first place.
The ripple edit tool (or the selection tool plus CTRL) will trim clips on the timeline and automatically close up/spread out adjacent clips but only on the same track.
New in CS4, you can opt to retain relative position of clips on other tracks during this process.