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Liability
Legal responsibility for the consequences of certain acts or omissions.  
Licensing
Business arrangement in which the manufacturer of a product (with proprietary rights over certain technology or trademarks) grants permission to some other group or individual to manufacture that product (or make use of that proprietary material) in return for specified royalties or other payment.  
Lien
Legal claim on assets (personal or commercial) to pay a debt or duty.  
Life Cycle Cost
Encompasses all costs associated with the product's life cycle. These include all costs involved in acquisition (research & development, design, production & construction and phase-in), operation, support and disposal of the product.  
LIFO
Last in/First outLiner in Free out
Lift-on/Lift-off Vessel
Abbreviation: LOLO. Vessel of which the loading and discharging operations are carried out by cranes and derricks.  
Lighter
Open or covered barge towed by a tugboat and used mainly in harbors and inland waterways.  
Lighter Aboard Ship
Abbreviation: LASH Vessel which carries barges.  
Lighterage
Carriage of goods within a port area by a barge, e.g. from a vessel to a quay.  
Lightweight
Weight of an empty vessel including equipment and outfit, spare parts required by the regulatory bodies, machinery in working condition and liquids in the systems, but excluding liquids in the storage tanks, stores and crew.  
Line Item
Order Line
Line Number
Flight Number
Liner Conference
Group of two or more shipping lines, which provides international liner services for the carriage of cargo on a particular trade route and which has an agreement or arrangement to operate under uniform or common freight rates and any other agreed conditions (e.g. FEFC = Far Eastern Freight Conference).  
Liner in Free out
Abbreviation: LIFO. Transport condition denoting that the freight rate is inclusive of the sea carriage and the cost of loading, the latter as per the custom of the port. It excludes the cost of discharging.  
Liner Service
Connection through vessels between ports within a trade.  
Liner Shipping Company
Company transporting cargo in a regular service by ocean vessels.  
Liner Terms
Condition of carriage denoting that costs for loading and unloading are borne by the carrier subject to the custom of the port concerned. Free inFree in Liner outFree in and outLiner in Free out
Live Stock
Cargo consisting of live animals, such as horses, cows, sheep and chickens.  
Lloyd's Register of Shipping
British classification society. Classification Society
Load
Quantity or nature of what is being carried. This term normally refers to transport by truck.  
Load Factor Management
Process of maximizing the utilization of the (slot) capacity of vessels and/or other means of transport. Yield Management
Load Master
Person supervising process of loading and unloading.  
Loaden Vessel
Vessel where cargo has been put on board. Laden Vessel
Loading
Physical process of bringing cargo into a means of transport.  
Loading Platform
Flat surface to facilitate loading usually alongside a warehouse.  



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