diff --git a/db/migrate/012_refactor_terms.rb b/db/migrate/012_refactor_terms.rb
new file mode 100644
index 0000000000..8f96c12086
--- /dev/null
+++ b/db/migrate/012_refactor_terms.rb
@@ -0,0 +1,58 @@
+class RefactorTerms < ActiveRecord::Migration
+  def self.up
+    rename_table :deliverable_costs, :material_budget_items
+    rename_column :material_budget_items, :deliverable_id, :cost_object_id
+
+    rename_table :deliverable_hours, :labor_budget_items
+    rename_column :labor_budget_items, :deliverable_id, :cost_object_id
+    
+    rename_table :deliverables, :cost_objects
+    
+    execute("UPDATE cost_objects SET type = 'CostObject' WHERE cost_objects.type = 'Deliverable'")
+    execute("UPDATE cost_objects SET type = 'VariableCostObject' WHERE cost_objects.type = 'CostBasedDeliverable'")
+    execute("UPDATE cost_objects SET type = 'FixedCostObject' WHERE cost_objects.type = 'FixedDeliverable'")
+    
+    rename_column :issues, :deliverable_id, :cost_object_id
+    
+    Role.find(:all).each do |role|
+      rename_permission(role, :view_deliverables, :view_cost_objects)
+      rename_permission(role, :edit_deliverables, :edit_cost_objects)
+      role.save!
+    end
+  end
+  
+  def self.down
+    rename_table :material_budget_items, :deliverable_costs
+    rename_column :material_budget_items, :cost_object_id, :deliverable_id
+
+    rename_table :labor_budget_items, :deliverable_hours
+    rename_column :labor_budget_items, :cost_object_id, :deliverable_id
+    
+    rename_table :cost_objects, :deliverables
+    execute("UPDATE deliverables SET type = 'Deliverable' WHERE deliverables.type = 'CostObject'")
+    execute("UPDATE deliverables SET type = 'CostBasedDeliverable' WHERE deliverables.type = 'VariableCostObject'")
+    execute("UPDATE deliverables SET type = 'FixedDeliverable' WHERE deliverables.type = 'FixedCostObject'")
+
+    rename_column :issues, :deliverable_id, :cost_object_id
+
+    
+
+
+    Role.find(:all).each do |role|
+      rename_permission(role, :view_cost_objects, :view_deliverables)
+      rename_permission(role, :edit_cost_objects, :edit_deliverables)
+      role.save!
+    end
+  end
+  
+  def self.rename_permission(role, old_perm, new_perm)
+    if role.has_permission?(old_perm)
+      perms = role.permissions
+      
+      perms.delete(old_perm.to_sym)
+      perms << new_perm.to_sym
+      
+      role.permissions = perms
+    end
+  end
+end