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Trade Glossary

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Laden on Board (shipping) A bill of lading that indicates a shipment has been loaded on board a vessel.

Laissez-faire (economics) A term used to describe minimal governmental involvement in an economy, It allows market forces and individuals to make their own decisions with little or no regulation.

Land-bridge (shipping) Cross country rail service connecting two ocean ports.

Lash Barge (shipping) Type of container utilizing barges instead of container.

Lash Vessel (shipping) Acronym for Lighter Along Ship. Vessel able to carry multiple barges.

Lashed (shipping) Barge system; barges loaded on a vessel instead of a container.

Lashing Equipment (shipping) Various types of equipment used to secure containers/cargo on board vessel.

Letter of credit (L/C) (banking) Documentary credit or documentary letter of credit. L/C is a document issued by a bank stating a 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. Its formal name is documentary letter of credit because the banks handling the transaction deal in documents as opposed to goods.

Letter of Guarantee (shipping) Letter provided to carrier in lieu of surrender of original bill of lading.

Letter of indemnity (LOI) (shipping) A document which serves to protect the carrier/owner financially against possible repercussions in connection with the release of goods without presentation of an original bill of lading. A letter of indemnity is used in cases where the goods arrive at the port of destination before the original bill of lading.

Letter of intent (law) A document that describes the preliminary understanding between parties who intend to make a contract or join together in some way.

Lex loci actus (law) A legal rule that applies the law of a particular place where a wrongful act occurred. A court may apply this law in a legal action if the parties have not expressly agreed to the law that will govern their contract and/or if the laws of more than one jurisdiction apply.

License Cargo (shipping) Cargo necessitating license to move.

Liner Service (shipping) Carrier advertises fixed schedule of services; port calls not made on inducement basis.

Liner Train (shipping) Specially designed rail line for regular movement of liner/containerized cargo for one carrier.

Liquidated damages (law) A sum of money that a contracted party agrees to pay to the other party for breach of an agreement. This is particularly important in a contract in which damages for breach may be difficult to assess.

Liquidation Finalization of the import process related to a specific shipment..

Line haul (shipping) The direct movement of freight between two major ports by a single ship.

Lix loci solutionis (law) A legal rule that applies the law of a particular place where payment is to be made or a contract is to be in effect. A country may apply this law in a legal action if the parties have not expressly agreed to the law that will govern their contract and/or if the laws of more than one jurisdiction apply.

Load Length (shipping) Any piece of cargo exceeding 40' in length.

Loss of specie A loss sustained when goods arrive so damaged that they cease to be recognized as the original goods insured.

Low Boy (shipping) Special trailer used to accommodate over height cargo with flat bed, approximately 12' above ground.

LS or LM (shipping) Lump Sum. A local freight rate which is inclusive of all charges.

LT (shipping) 1 Long Ton = 2,240 lbs.

LEAN is a standard methodology for identifying, analyzing and eliminating waste. It was originally is a standard methodology for identifying, analyzing and eliminating waste. It was originally developed by Toyota.

This section is given in good faith and for reference only.