NNC B737 (Video#1) V1 Cut (Eng. Failure on Takeoff)

This video cover the procedure to identify engine failure and the sequence need to be accomplished. That is check list execution and mode selection for the flight.
The failure here will take place after V1 in which the take off will be continued.
1- PM announce "Engine failure" (regardless of what exactly is the failure).
2- At Vr PM will announce "rotate".
3- At 400ft the PF should request or verify a roll mode in the FMA. For example LNAV or HDG SELECT.
4- Also at 400ft the PF should request the PM to identify the problem.
5- Eng. flame out does not have any recall items so no action is required till
a- 1000ft in which the PF will request "flaps up speed".
b- after the flaps retracted and the indicated air speed match the up speed. PF should engage the A/P that will result in the Pitch mode to change to MCP SPD (same as selecting LVL CHANGE).
c- PF will request Max continous N1 to be set.
6- For ENG. Sever Damage, Seperation, or FIRE. The sequence of events is as follow:
a- After identifying and confirming the failure.
b- Above 400ft airplane under control recall items can be performed depending on area of responsibility.
c- After completing the recall items and at or above the acceleration altitude (1000ft) PF will request the PM to "set flaps up speed" or "set up speed".
d- Flaps should be retracted on schedule.
e- When indicated airspeed is at the UP speed bug PF should engage the A/P or request LVL CHANGE. and max continuous N1.
f- The NNC (Non Normal Checklist) of the failure should be performed followed by the after takeoff flow and after take off normal check list.
g- PM should get the latest weather and perform the one engine inop landing checklist.

That is a brief overview of the sequenc of events in an Eng. Failure on Takeoff.
If you have any questions or comments, please let me know.