L

L/C

Abbreviation for "Letter of Credit "- A letter issued by a bank authorizing the bearer to draw a stated amount of money from the issuing bank, its branches, or other associated banks or agencies.

Laden

Loaded aboard a vessel.

Lading

Refers to the freight shipped; the contents of a shipment.

Landbridge

Movement of cargo by water from one country through the port of another country, thence, using rail or truck, to an inland point in that country or to a third country. As example, a through movement of Asian cargo to Europe across North America.

Landed Cost

The total cost of a good to a buyer, including the cost of transportation.

Landing Certificate

Certificate issued by consular officials of some importing countries at the point or place of export when the subject goods are exported under bond.

Landing Gear

A support fixed on the front part of a chassis (which is retractable); used to support the front end of a chassis when the tractor has been removed.

LASH

A maritime industry abbreviation for "Lighter Aboard Ship." A specially constructed vessel equipped with an overhead crane for lifting specially designed barges and stowing them into cellular slots in an athwartship position.

LAYCAN

Laydays/Cancelling (date): Range of dates within the hire contract must start.

LCL

Abbreviation for "Less than Container Load." The quantity of freight which is less than that required for the application of a container load rate. Loose Freight.

Less Than Truckload

Also known as LTL or LCL.

Letter of Credit (LC)

A document, issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time. Some of the specific descriptions are:

- Back-to-Back: A new letter of credit issued to another beneficiary on the strength of a primary credit. The second L/C uses the first L/C as collateral for the bank. Used in a three-party transaction.

- Clean: A letter of credit that requires the beneficiary to present only a draft or a receipt for specified funds before receiving payment.

- Confirmed: An L/C guaranteed by both the issuing and advising banks of payment so long as seller's documents are in order, and the L/C terms are met.  Only applied to irrevocable L/C's. The confirming bank assumes the credit risk of the issuing bank.

- Deferred Payment: A letter of credit issued for the purchase and financing of merchandise, similar to acceptance-type letter of credit, except that it requires presentation of sight drafts payable on an installment basis.

- Irrevocable: An instrument that, once established, cannot be modified or cancelled without the agreement of all parties concerned.

- Non cumulative: A revolving letter of credit that prohibits the amount not used during the specific period from being available afterwards.

- Restricted: A condition within the letter of credit which restricts its negotiation to a named bank.

- Revocable: An instrument that can be modified or cancelled at any moment without notice to and agreement of the beneficiary, but customarily includes a clause in the credit to the effect that any draft negotiated by a bank prior to the receipt of a notice of revocation or amendment will be honored by the issuing bank. Rarely used since there is no protection for the seller.

- Revolving: An irrevocable letter issued for a specific amount; renews itself for the same amount over a given period.

- Straight: A letter of credit that contains a limited engagement clause which states that the issuing bank promises to pay the beneficiary upon presentation of the required documents at its counters or the counters of the named bank.

- Transferable: A letter of credit that allows the beneficiary to transfer in whole or in part to another beneficiary any amount which, in aggregate, of such transfers does not exceed the amount of the credit.  Used by middlemen.

- Unconfirmed: A letter of credit forwarded to the beneficiary by the advising bank without engagement on the part of the advising bank.

Letter of Indemnity

In order to obtain the clean bill of lading, the shipper signs a letter of indemnity to the carrier on the basis of which may be obtained the clean bill of lading, although the dock or mate's receipt showed that the shipment was damaged or in bad condition.

Licenses

- Some governments require certain commodities to be licensed prior to exportation or importation. Clauses attesting to compliance are often required on the B/L.

- Various types issued for export (general, validated) and import as mandated by government(s).

Lien

A legal claim upon goods for the satisfaction of some debt or duty.

Lightening

A vessel discharges part of its cargo at anchor into a lighter to reduce the vessel's draft so it can then get alongside a pier.

Lighter

An open or covered barge towed by a tugboat and used mainly in harbors and inland waterways to carry cargo to/from alongside a vessel.

Lighterage

Refers to carriage of goods by lighter and the charge assessed therefrom.

Liner

A vessel sailing between specified ports on a regular basis.

Line-Haul

Transportation from one city to another as differentiated from local switching service.

List

The amount in degrees that a vessel tilts from the vertical.

Liter

1.06 liquid U.S. quarts or 33.9 fluid ounces.

Liquidated Damages

The penalty a seller must pay if the construction project does not meet contractual standards or deadlines.

Lloyds' Registry

An organization maintained for the surveying and classing of ships so that insurance underwriters and others may know the quality and condition of the vessels offered for insurance or employment.

Load Ratio

The ratio of loaded miles to empty miles.

Local Cargo

Cargo delivered to/from the carrier where origin/destination of the cargo is in the local area.

Long Ton

2,240 pounds

Longshoreman

Individual employed in a port to load and unload ships.

Loose

Without packing.

Low-Boy

A trailer or semi-trailer with no sides and with the floor of the unit close to the ground.

The terms in this glossary have been carefully selected by ValveDepot. We hope you will find it useful.   This information is for reference only.  ValveDepot will not have any liability for mis-use this information.

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