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Ll
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| Laissez-Faire |
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A term used to describe minimal governmental involvement in an economy, allowing market forces and individuals to make their own decisions, with little or no regulation. |
| Landbridge |
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The movement of containers from a foreign country by vessel, transiting a country by rail or truck, and then being loaded aboard another vessel for delivery to a second foreign country.
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| Lanham Act Of 1947 |
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Federal legislation governing trademarks and other symbols for identifying goods sold in interstate commerce. |
| Lay Order |
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The period during which imported merchandise may remain at the place of unloading without some action being taken for its disposition. |
| LCL |
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Less than Container Load. or Less than Cargo Load. |
| Legal Entity |
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Any individual, proprietorship, partnership, corporation, association, or other organization that has, in the eyes of the law, the capacity to make a contract or an agreement, and the abilities to assume an obligation and to discharge a indebtedness. |
| Legal Tender |
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Any money that is recognized as being lawful for use by a debtor to pay a creditor, who must accept same in the discharge of a debt unless the contract between the parties specifically states that another type of money is to be used. |
| Less Than Truckload |
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A shipment weighing less than the weight required for the application of the truck load rate. |
| Letter of Assignment |
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A document with which the assignor assigns rights to a third party. |
| Letter of Credit |
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A document issued by a bank stating its commitment to pay someone a stated amount of money on behalf of a buyer so long as the seller meets very specific terms and conditions. Letters of credit are more formally called documentary letters of credit. |
| Letter of Indemnity |
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A document which serves to protect the carrier/owner financially against possibe repercussions in connection with the release of goods withoout presentation of an original bill of lading. |
| Letter of Intent |
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A document that describes the preliminary understanding between parties who intend to make a contract or join together in another action. |
| Licensing Agreement |
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A contract whereby the holder of a trademark, patent, or copyright transfers a limited right to use a process, sell or manufacture an article, or furnish specialized services covered by the trademark, patent or copyright to another firm. |
| Lift Van |
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A wooden or metal container used for packing household goods and personal effects. |
| Lighter |
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A barge towed by a tugboat and used mainly in harbors and inland waterways for the transport of cargo. |
| Lighter Aboard Ship |
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A floatable large container (lighter) used in the combined ocean and inland waterway transport of goods. |
| Lighterage |
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The loading or unloading of a ship by means of a lighter, especially when shallow waters prevent an ocean going vessel from entering a waterway. |
| Limitation Period |
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A maximum period set by statute within which a legal. action can be brought or a right enforced. A statute may prohibit, for example, any individual or legal entity from bringing an action for breach of contract more than one year after the breach occurred. |
| Limited Appointment |
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Persons appointed by to U.S. & Foreign Commercial Service (or to other foreign services) from the private sector or from the federal government who are non-career officers assigned overseas for a limited time. |
| Limited Liability |
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Restricted liability for the obligations of a business. |
| Limited Partnership |
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A partnership in which at least one partner has general liability and at least one of the other partners has limited liability. |
| Line Haul |
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The direct movement of freight between two major ports by a single ship. |
| Line Haul Vessel |
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A vessel which is on a regularly defined schedule. |
| Line Release System |
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A part of the U.S. Customs' Automated Commercial System that is designed for the release and tracking of shipments through the use of personal computers and bar code technology. |
| Liner |
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A vessel carrying passengers and cargo that operates on a route with a fixed schedule. |
| Liner Terms |
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Conditions under which a shipping company will transport goods, including the amount payable for freight and the cost both for loading and discharge of the vessel. |
| Liquidated Damages |
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A sum of money that a contracting party agrees to pay to the other party for breaching an agreement, particularly important in a contract in which damages for breach may be difficult to assess. |
| Liquidation |
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The final review of a U.S. Customs entry, and determination of the rate of duty and amount of duty by Customs. |
| Liquidation System |
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A part of U.S. Customs' Automated Commercial System, closes the file on each entry and establishes a batch filing number which is essential for recovering an entry for review or enforcement purposes. |
| Liquidity (Economics) |
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(a) A company's ability to meet its obligations at all times.
(b) The availability of liquid funds in an economy.
(c) The possibility of being able to carry out financial transactions without influencing
the market. |
| Lloyds of London |
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An association of English insurance underwriters, the oldest of its kind in the world. Not in itself an insurance company. |
| Lloyds Registry |
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An organization maintained for the surveying and classifying of ships so that insurance underwriters and other interested parties may know the quality and condition of the vessels offered by insurance or employment. |
| Loading |
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The physical placing of cargo into carrier's container, or onto a vessel. |
| Longshoreman |
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A laborer who loads and unloads ships at a seaport. |
| Lose of Intent |
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A document, such as a written memorandum, that describes the preliminary understanding between parties who intend to make a contract or join together in another action, such as a joint venture or a corporate merger.
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| Lot Labels |
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Labels attached to each piece of multiple lot shipment for identification purposes. |
| Lower Deck Containers |
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Carrier owned containers specially designed as an integral part of the aircraft to fit in the cargo compartments of a wide body aircraft. |
