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L/C
- Letter of Credit:
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. Issued as revocable
or irrevocable.
L.
& D.: Loss
and damage
Lagan:
Cargo or equipment to
which an identifying marker
or buoy is fastened, thrown
over-board in time of
danger to lighten a ship's
load. Under maritime law
if the goods are later
found they must be returned
to the owner whose marker
is attached; the owner
must make a salvage payment.
Lash:
Lighter Aboard Ship (see
Lighter)
Lash
Vessel: Designed
to load internally, barges
specifically designed
for the vessel. The concept
is to quickly float the
barges to the vessel (using
tugs or ships wenches)
load these barges through
the rear of the vessel,
then sails. Upon arrival
at the foreign port, the
reverse happens; Barges
are quickly floated away
from the vessel and another
set of waiting barges
quickly are loaded. Designed
for quick vessel turn-around.
Usually crane-equipped;
handles mostly breakbulk
cargo.
Lay
Days: The dates
between which a chartered
vessel is to be available
in a port for loading
of cargo.
L.C.L.:
Less than container load;
less than car load.
Legal
Weight: The weight
of the goods plus any
immediate wrappings which
are sold along with the
goods: e.g., the weight
of a tin can as well as
its contents. (See Gross
Weight).
Less
than Truck Load (LTL):
Rates applicable when
the quantity of freight
is less than the volume
or truckload minimum weight.
Letter
of Credit: A document
issued by a bank at a
buyer's request honoring
debt obligations to the
seller upon receipt of
the document.
Lighter:
An open or covered barge
equipped with a crane
and towed by a tugboat.
Used mostly in harbors
and inland waterways.
Lighterage:
The cost of loading or
unloading a vessel by
means of barges alongside.
Liner:
The word "liner" is derived
from the term "line traffic"
which denotes operation
along definite routes
on the basis of definite,
fixed schedules; a liner
thus is a vessel that
engages in this kind of
transportation, which
generally involves the
haulage of general cargo
as distinct from bulk
cargo.
Liquidation:
The finalization of a
customs entry.
Livestock:
Common farm animals.
Lkg.
& Bkg.: Leakage
and breakage.
Load
Factor: Capacity
sold as against capacity
available, expressed as
a percentage.
Lo/Lo:
The acronym meaning "lift-on,lift-off,"
denoting the method by
which argo is loaded onto
and discharged from an
ocean vessel, which in
this case is by the use
of a crane.
l.t.
or l.tn.: Long
ton (2240 lbs.).
Ltge.:
Lighterage
LTL:
Less than truckload
Letter
of Credit - payment by
sight draft: The
exporter receives guaranteed
payment from the confirming
bank in the U.S. upon
presentation of the sight
draft and documents required
by the letter of credit.
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