-
l
- liter
-
L. def.
- Latent defect
-
L.A.S.H.
- Lighter aboard ship
-
L.A.T.
- Linseed Association Terms
-
L.C.L.
- Less than full container load
-
L.d.d.
- Loss during discharge
-
L.d.l.
- Loss during loading
-
L.I.P.
- Life Insurance Policy
-
l.m.c.
- Low middling clause (cotton trade)
-
L.N.G.
- Liquified natural gas carrier
-
l.n.y.d.
- Liability not yet determined
-
L.P.G.
- Liquified petroleum gas carrier
-
l.s.
- Lump sum
-
L.S. Cls.
- Livestock clauses
-
L.S.H.W. Liab.
- Longshoremen's and Harbor Workers' Liability
-
L.S.T.
- Local standard time
-
L.T.A.
- Long term agreement
-
L.U.A.M.C.
- Leading underwriter agreement for marine cargo
-
L.U.A.M.H.
- Leading underwriter agreement for marine hull
-
L.W.
- Low water
-
L.W.O.S.T.
- Low water, ordinary spring tides
-
L/A
- Letter of authority. Landing account. Lloyd's agent
-
L/C
- Letter of Credit
-
l/u
- Laid up, Letter of undertaking
-
L/U
- Leading Underwriter
-
La Zone Franc
- See: Franc Zone.
-
lagan
- Goods that have been jettisoned but are attached to a floating object so
that they can be recovered.
-
Laisser Passer
- A document accorded by a host government to foreign diplomatic personnel,
which permits them to pass freely across the border of that country.
-
LANBY
- Large automatic navigation buoy
-
LASH
- Lighter aboard ship
-
latitude
- Distance north or south of the equator.
-
LCB
- Local Competitive Bidding
-
LCBC
- Lake Chad Basin Commission
-
LCL
- Less than full container load
-
LDC
- Less Developed Country
-
LDCs
- Least developed countries
-
ldg.
- Loading
-
Ldg. & Dly.
- Landing and delivery
-
lds.
- Loads
-
LDT
- Light displacement tons
-
Leg. Chgs.
- Legal charges
-
length overall
- Maximum length between the farthest ends of a ship.
-
Less Developed Country
- An LDC is a country with low per capita gross national product. Terms such
as third world, poor, developing nations, and underdeveloped have also been
used to describe less developed countries.
-
Lesser Developed
Countries -
The classification LLDC (sometimes also known as "Least" Developed
Countries) was developed by the United Nations to give some guidance to
donor agencies and countries about an equitable allocation of foreign
assistance. The criteria for designating a country an LLDC, originally
adopted by the UN Committee for Development Planning in 1971, have been
modified several times. Criteria have included low: per-capita-income,
literacy, and manufacturing share of the country's total gross domestic
product. There is continuing concern that the criteria should be more robust
and less subject to the possibility of easy fluctuation of a country between
less developed and least developed status.
-
Letter Of Credit
- An instrument of audit issued by the buyer's bank, at the buyer's request,
in which the issuing bank promises to pay the seller upon presentation of
documents stipulated in the terms and conditions of the audit
-
LETTER OF CREDIT
(Confirmed)
- A letter of audit issued by one bank to which another bank added its
irrevocable confirmation to pay, thereby obligating itself in the same
manner as the opening bank. For example, "we hereby confirm this credit and
undertake to pay drafts drawn in accordance with the terms and conditions of
the letter of credit."
-
LETTER OF CREDIT
(Cumulative)
- A revolving letter of credit which permits any amount not utilized during
any of the specified periods to be carried over and added to the amounts
available in subsequent periods.
-
LETTER OF CREDIT
(Deferred Payment)
- A letter of credit issued for the purchase and financing of merchandise,
similar to acceptance letter of credit, except that it requires presentation
of sight drafts which are payable on installment basis usually for periods
of 1 year or more. Under this type of credit, the seller is financing the
buyer until the stipulated time his drafts can be presented to the bank for
payment. There is a significant deference in the bank's commitment,
depending on whether the negotiating bank advised or confirmed the letter of
credit.
-
LETTER OF CREDIT
(McLean) - A
letter of credit which requires the beneficiary to present only a draft or a
receipt for specified funds before he receives payment.
-
LETTER OF CREDIT
(Negotiable)
- A letter of credit issued in such form that it allows any bank to
negotiate the documents. Negotiable credits incorporate the opening bank's
engagement, stating that the drafts will be duly honored on presentation,
provided they comply with ail terms of the credit.
-
LETTER OF CREDIT
(Non-Cumulative)
- A revolving letter of credit which prohibits the amount not utilized
during the specific period to be available in the subsequent periods.
-
LETTER OF CREDIT
(Revocable)
- This type of letter of credit is not as legally binding as an irrevocable
credit. It can be modified or canceled without the beneficiary's consent,
unless the negotiation has already taken place. The issuing bank must honor
the drafts negotiated before the notice of revocation or amendment has been
made. Negotiability is restricted to the advising bank and confirmation is
usually not available.
-
LETTER OF CREDIT
(Revolving)
- A credit which includes a provision for reinstating its face value after
being drawn under within a stated period of time. This kind of credit
facilitates the financing of on going regular purchases.
-
LETTER OF CREDIT
(Standby) -
One issued for the express purpose of effecting payment in the event of
default. The issuing bank is prepared to pay but does not expect to as long
as the underlying transaction is properly fulfilled.
-
LETTER OF CREDIT
(TRAVELER'S)
- A letter of credit which is issued by a bank to a customer preparing for
an extended trip. The customer pays for the letter of credit at the time of
issuance, and a bank issues the letter for a specified period of time in the
amount purchased. The bank furnishes a list of correspondent banks where
drafts against the letter of credit will be honored. The bank also
identifies the customer by exhibiting a specimen signature of the purchaser
in the folder enclosing the list of correspondent banks. Each bank, which
honors a draft, endorses on the letter of credit the date when a payment was
made, the bank's name, the amount drawn against the letter of credit, and
charges the issuing bank's account.
-
Letter of Credit ADVICE
OF CREDIT -
Communication by the advising bank that a letter of credit has been issued.
The primary responsibility of the advising bank is to take care in
establishing the authenticity of the credit.
-
Letter of Credit
ADVISING BANK
- A bank which acts as an agent of the issuing bank of a letter of credit in
supplying the details of the letter of credit to its beneficial, without any
responsibility or engagement on its part.
-
Letter of
Credit-ACCEPTANCE FINANCING
- An acceptance transaction unrelated to a letter of credit, created for the
purpose of borrowing, is referred to as acceptance financing. In contrast to
direct loans, the bankers acceptance provides a vehicle of financing
customers without the use of bank funds. By accepting a draft the bank
merely adds its name to a bill which then can be used to raise funds by
selling in the open market.
-
Liab.
- Liability
-
LIB
- Limited International Bidding
-
LIBID
- London Interbank Bid Rate
-
LIBOR
- London Interbank Offered Rate
-
Life-Cycle Processing
- An accounting approach in which a company sets product prices based on
recovering costs over the life cycle of the product. U.S. authorities
dispute the validity of this approach because projections of future yield
improvements cannot be verified at the time of dumping calculations.
-
LIFFE
- London International Financial Futures and Options, Exchange
-
lift
- Weight of an individual piece of cargo lifted or carried.
-
lift-on lift-off
- To load and discharge cargo by lifting it on and off a ship via cranes.
This is the method generally used for containers.
-
Lighter
- An open or covered vessel which transfers cargo between ship and shore,
used mainly in harbors and inland waterways. Lighters are generally used for
shorter hauls than barges.
-
LIMEAN
- London Interbank Mean Rate
-
Limited (Liability)
- In the United Kingdom there are two types of limited companies: (a) a
private limited company in which the public cannot be invited to subscribe
to any share issue and (b) a public limited company (plc) which can raise
funds through share issues. Before a limited company can "go public," it
must have a minimum share capital. A private limited company requires no
minimum share capital.
-
Limited Appointment
- Limited appointees to the U.S. and Foreign Commercial Service (or to other
foreign services) are persons from the private sector or from the Federal
Government who are non-career officers assigned overseas for a limited time.
-
Limited International
Bidding -
LIB is one of several forms of procurement made with World Bank financing.
In some circumstances (such as: small purchases, urgent need, or few
suppliers), suppliers or contractors of specialized goods and services
participate by invitation rather than in response to an advertisement. See:
International Business Opportunities Service International Competitive
Bidding Local Competitive Bidding.
-
LIMNET
- London Insurance Market Network
-
line
- A company that operates a ship on a regular basis between advertised ports
and offers space for goods in return for freight based on a tariff of rates.
-
Lkg. & bkg.
- Leakage and breakage
-
Lkge & Bkge
- Leakage and breakage
-
Ll. & Cos.
- Lloyd's and Companies
-
LLDCs
- Lesser Developed Countries
-
LNG
- Liquefied natural gas
-
loa
- Length overall
-
Local Competitive
Bidding -
LCB is one of several forms of procurement made with World Bank financing.
LCB is generally used for contracts involving: (a) labor intensive
activities; (b) small value; (c) locally procurable services or goods priced
below the world market; (d) intermittant work; or (e) activities to be
performed at numerous sites. See: International Business Opportunities
Service International Competitive Bidding Limited International Bidding.
-
Lombard Rate
- The Lombard rate is one of the official interest rates in Germany used to
regulate the money market. Other countries use the term Lombard to describe
rates which function somewhat like the Lombard rate. The Swiss, for example,
have their own Lombard rate. In France, it's called the Central Bank
Intervention rate but performs the same function.
-
Lome Convention
- The Convention is an agreement concluded at Lome, Togo in February 1975
and which entered into force in April 1976. The orginal Convention has been
followed by several additional Lome Conventions which expanded the scope of
the original agreement. The Convention is between the European Community
(EC) and 62 African, Caribbean, and Pacific states (mostly former colonies
of the EC members). The agreement covers some aid provisions as well as
trade and tariff preferences for the ACP countries when shipping to the EC.
Lome grew out of the 1958 Treaty of Rome's "association" with the 18 African
colonies/countries that had ties with Belgium and France. The ACP members
are: Angola, Bahamas, Barbados, Benin, Botswana, Burkina Faso, Burundi,
Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Cote
d'Ivoire, Djibouti, Dominica, Equatorial Guinea, Ethiopia, Fiji, Gabon,
Gambia, Ghana, Grenada, Guinea, Guinea-Bissau, Guyana, Jamaica, Kenya,
Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mauritania,
Mozambique, Namibia, Niger, Nigeria, Papua New Guinea, Rwanda, Saint Lucia,
Saint Vincent, Samoa, Sao Tome and Principe, Senegal, Seychelles, Sierra
Leone, Solomon Islands, Somalia, Sudan, Suriname, Swaziland, Tanzania, Togo,
Trinidad and Tobago, Uganda, Zaire, Zambia, and Zimbabwe.
-
London Club
- The London Club, a creditor cartel of commercial banks, evolved in the
early 1980s. Debt rescheduling (i.e., constructing new repayment profiles
over a specific period of time) was a primary function of the club. The
Brady deals on debt restructuring (i.e., renegotiating the entire stock of
outstanding debt at a discount), obviated the need to reschedule repayments
every couple of years. In some respect, the Bank Advisory Committee has
replaced the London Club. The Paris Club, also concerned with debt
repayment, is an association of official creditors. See: Bank Advisory
Committee.
-
long ton
- 2,240 lbs.
-
Long-Dated Forward
- The long-dated forward is a foreign exchange contract whose maturity
exceeds one year; a few have extended over ten years.
-
longitude
- Distance east or west of the Greenwich meridian.
-
Louvre Accord
- The Louvre Accord (February 1987) attempted to stop the dollar's fall and
stabilize currency relationships by introducing reference ranges among the
G-7 currencies. See: Plaza Accord.
-
LPG
- Liquefied petroleum gas
-
Lt.-v.
- Light-vessel
-
LTD
- Limited (Liability)
-
LTFV
- Less Than Fair Value
-
LTGE
- Lighterage
-
Ltr.
- Lighter
-
LUF
- Lifting unit frame
-
Lusophone Countries
- Lusophone countries are those in which the official language is
Portuguese: Angola, Brazil, Cape Verde, Guinea-Bissau, Mozambique, Portugal,
and Sao-Tome and Principe.
-
Restricted
- A condition within the letter of credit which limits its negotiation to a
named bank.
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