| LOGISTICS DICTIONARY |
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| [L] Letter of Credit (LC) - Non cumulative A revolving letter of credit that prohibits the amount not used during the specific period from being available afterwards. Letter of Credit (LC) - Restricted A condition within the letter of credit which restricts its negotiation to a named bank. Letter of Credit (LC) - Revocable An instrument that can be modified or cancelled at any moment without notice to and agreement of the beneficiary, but customarily includes a clause in the credit to the effect that any draft negotiated by a bank prior to the receipt of a notice of revocation or amendment will be honored by the issuing bank. Rarely used since there is no protection for the seller. Letter of Credit (LC) - Revolving An irrevocable letter issued for a specific amount; renews itself for the same amount over a given period. Letter of Credit (LC) - Straight A letter of credit that contains a limited engagement clause which states that the issuing bank promises to pay the beneficiary upon presentation of the required documents at its counters or the counters of the named bank. Letter of Credit (LC) - Transferable A letter of credit that allows the beneficiary to transfer in whole or in part to another beneficiary any amount which, in aggregate, of such transfers does not exceed the amount of the credit. Used by middlemen. Letter of Credit (LC) - Unconfirmed A letter of credit forwarded to the beneficiary by the advising bank without engagement on the part of the advising bank. Letter of Indemnity In order to obtain the clean bill of lading, the shipper signs a letter of indemnity to the carrier on the basis of which may be obtained the clean bill of lading, although the dock or mate's receipt showed that the shipment was damaged or in bad condition. Licenses Some governments require certain commodities to be licensed prior to exportation or importation. Clauses attesting to compliance are often required on the B/L. Various types issued for export (general, validated) and import as mandated by government(s). Lien A legal claim upon goods for the satisfaction of some debt or duty. Lightening A vessel discharges part of its cargo at anchor into a lighter to reduce the vessel's draft so it can then get alongside a pier. Lighter An open or covered barge towed by a tugboat and used mainly in harbors and inland waterways to carry cargo to/from alongside a vessel. Lighterage Refers to carriage of goods by lighter and the charge assessed therefrom. Line-Haul Transportation from one city to another as differentiated from local switching service. Liner A vessel sailing between specified ports on a regular basis. Liquidated Damages The penalty a seller must pay if the construction project does not meet contractual standards or deadlines. List The amount in degrees that a vessel tilts from the vertical. Liter 1.06 liquid U.S. quarts or 33.9 fluid ounces. Lloyds' Registry An organization maintained for the surveying and classing of ships so that insurance underwriters and others may know the quality and condition of the vessels offered for insurance or employment. Load Ratio The ratio of loaded miles to empty miles. Local Cargo Cargo delivered to/from the carrier where origin/destination of the cargo is in the local area. Logistics Logistics is that part of the supply chain process that plans, implements, and controls the efficient, effective flow and storage of goods, services, and related information from the point of origin to the point of consumption in order to meet customers' requirements. Long Ton 2,240 pounds Longshoreman Individual employed in a port to load and unload ships. Loose Without packing. Low-Boy A trailer or semi-trailer with no sides and with the floor of the unit close to the ground. |