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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: - 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 isno 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.
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