| L/C |
|
| Abbreviation
for "Letter of Credit." |
|
| 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: |
|
| Letter
of Credit (LC) - 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. |
|
| Letter
of Credit (LC) - Clean |
|
| A
letter of credit that requires the beneficiary to present
only a draft or a receipt for specified funds before
receiving payment. |
|
| Letter
of Credit (LC) - 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. |
|
| Letter
of Credit (LC) - 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. |
|
| Letter
of Credit (LC) - Irrevocable |
|
| An
instrument that, once established, cannot be modified or
cancelled without the agreement of all parties concerned. |
|
| Letter
of Credit (LC) - Non cumulative |
|
| A
revolving letter of credit that prohibits the amount not
used during the specific period from being available
afterwards. |
|
| Letter
of Credit (LC) - Restricted |
|
| A
condition within the letter of credit which restricts its
negotiation to a named bank. |
|
| Letter
of Credit (LC) - 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. |
|
| Letter
of Credit (LC) - Revolving |
|
| An
irrevocable letter issued for a specific amount; renews
itself for the same amount over a given period. |
|
| Letter
of Credit (LC) - 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. |
|
| Letter
of Credit (LC) - 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. |
|
| Letter
of Credit (LC) - 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. |
|
| Line-Haul |
|
| Transportation
from one city to another as differentiated from local
switching service. |
|
| Liner |
|
| A
vessel sailing between specified ports on a regular basis. |
|
| Liquidated
Damages |
|
| The
penalty a seller must pay if the construction project does
not meet contractual standards or deadlines. |
|
| List |
|
| The
amount in degrees that a vessel tilts from the vertical. |
|
| Liter |
|
| 1.06
liquid U.S. quarts or 33.9 fluid ounces. |
|
| 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. |
|
| Logistics |
|
| Logistics
is that part of the supply chain process that plans,
implements, and controls the efficient, effective flow and
storage of goods, services, and related information from the
point of origin to the point of consumption in order to meet
customers' requirements. |
|
| 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. |
|
