Terms Beginning with L

LAY DAYS: The dates between which a chartered vessel is to be available in a port for loading of cargo.

L.C.L.: Less than container load; less than car load.

L & D: Loss and damage

LEGAL WEIGHT: The weight of the goods plus any immediate wrappings that are sold along with the goods; e.g. the weight of a tin can as well as its contents (see net weight).

LETTER OF CREDIT (L/C): A method of payment for goods in which the buyer established his credit with a local bank, clearly describing the goods to be purchased, the price, the documentation required, and a time limit for completion of the transaction. Upon receipt of documentation, the bank is either paid by the buyer or takes title to the goods themselves and proceeds to transfer funds to the seller. The banks insist upon exact compliance with the terms of sale and will not pay if there are any discrepancies. Also see “Documents” in Resource Center

LINER: The word "liner" is derived from the term "line traffic" which denotes operation along definite routes on the basis of definite, fixed schedules; a liner thus is a vessel that engages in this kind of transportation, which generally involves the haulage of general cargo as distinct from bulk cargo.

LIQUIDATION: The finalization of a customs entry.

LKG. & BKG.: Leakage and breakage.

LOAD FACTOR: Capacity sold vs. available capacity. It is normally shown as a percentage.

LO/LO: The acronym meaning "lift-on, lift-off", denoting the method by which cargo is loaded onto and discharged from an ocean vessel, which in this case is by the use of a crane.

l.t or l.tn.: Long ton (2240 lbs).


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