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Latitude
Angular distance of a position on its meridian north or south from the equator, measured in degrees.  
Lay Days
Number of days allowed in a charter party for the loading and discharging of cargo. Lay days may be indicated in different ways, e.g. consecutive days, working days, weather working days.  
Lay up a Vessel
Temporary cessation of trading of a vessel by the shipowner.  
Layout Key
United Nations Layout Key
LCL
Less than Container Load
Lead Time
1. The amount of time between the request of a service and the actual provision of this service. 2. A span of time required to perform an activity. 3. In a logistics context, the time between the initiation of a process and its completion.  
Lease
Contract by which one party gives to another party the use of property or equipment, e.g. containers, for a specified time against fixed payments. Leasing Company
Leasing Company
Company from which property or equipment is taken on lease.  
Leasing Contract
Contract for the leasing of property or equipment.  
Less than Container Load
Abbreviation: LCL. 1. A general reference for identifying cargo in any quantity intended for carriage in a container, where the carrier is responsible for packing and/or unpacking the container. 2. For operational purposes a LCL (less than full container load) container is considered a container in which multiple consignments or parts thereof are shipped.  
Less than Truck Load
Abbreviation: LTL. Term used if the quantity or volume of one or more consignment(s) does not fill a standard truck.  
Lessee
Party to whom the possession of specified property has been conveyed for a period of time in return for rental payments.  
Lessor
Party who conveys specified property to another for a period of time in return for the receipt of rent.  
Letter of Credit
Abbreviation: L/C. Method of payment between buyer and seller. The buyer opens a Letter of Credit in favor of the seller at their local bank by depositing the amount of the purchase price and dictating certain documents which the seller must present in order to obtain a payment. The Letter of Credit will be sent to a bank in the vicinity of the seller and upon presentation of the documents called for, the local bank will release payment. Confirmed Letter of CreditDeferred Payment CreditDiscrepancy Letter of CreditDocumentary CreditIrrevocable Letter of CreditRed Clause Letter of CreditRevocable Letter of CreditTransferable Letter of CreditUniform Customs and Practice for Documentary Credits
Letter of Credit, Payment by Sight Draft
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.  
Letter of Indemnity
Written confirmation of holding a specified party harmless. E.g.: When a bank refuses to accept a foul Bill of Lading, the shipper may obtain a clean Bill of Lading. To acquire this, the shipper signs a letter of indemnity, which is an inducement to obtain the clean Bill of Lading through the dock or mate's receipt, given on delivery of the goods to dock or ship, showing that the shipment was damaged or in bad condition. This acts as a form of guarantee whereby the shipper accords a claim settlement against a steamship by a Bill of Lading holder resulting from a clean bill being issued.  
Letter of Instruction
Written directions to be followed. Shipping Instructions
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.  



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