| LOGISTICS DICTIONARY |
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| [L] 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: Letter of Credit (LC) - 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. Letter of Credit (LC) - Clean A letter of credit that requires the beneficiary to present only a draft or a receipt for specified funds before receiving payment. Letter of Credit (LC) - 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. Letter of Credit (LC) - 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. Letter of Credit (LC) - Irrevocable An instrument that, once established, cannot be modified or cancelled without the agreement of all parties concerned. |