- l - litre
- L. def. - Latent defect
- L.A.S.H. - Lighter aboard ship
- L.A.T. - Linseed Association Terms
- L.A.T.F. - Lloyd's American Trust Fund
- L.A.U.A. - Lloyd's Aviation Underwriters' Association
- L.A.U.T.R.O. - Life Assurance and Unit Trust Regulatory
- L.C. - London clause (chartering), Label clause
- L.C.T.A. - London Corn trade
- L.d.d. - Loss during discharge
- L.d.l. - Loss during loading
- L.H.A.R. - London, Hull, Antwerp or Rotterdam
- L.I.B.C. - Lloyd's Insurance Brokers' Committee
- L.I.M. - London Insurance Market
- L.I.M.D.S.M. - London Insurance Market Data Standards
Manual
- L.I.M.T.C.G. - London Insurance Market Technical Co-ordination
Group
- L.I.P. - Life Insurance Policy
- L.L.T. - London Land Terms
- L.M.C. - Lloyd's machinery certificate
- l.m.c. - Low middling clause (cotton trade)
- L.M.C.C. - Lloyd's machinery certificate, continuous
survey
- L.N.G. - Liquified natural gas carrier
- l.n.y.d. - Liability not yet determined
- L.P.G. - Liquified petroleum gas carrier
- L.P.S.O. - Lloyd's Policy Signing Office
- L.R. - Lloyd's Register of Shipping
- L.R.M.C. - Lloyd's refrigerating machinery certificate
- l.s. - Lump sum
- L.S. Cls. - Livestock clauses
- L.S.H.W. Liab. - Longshoremen's and Harbor Workers'
Liability
- L.S.T. - Local standard time
- L.T.A. - Long term agreement
- L.U.A. - Lloyd's Underwriters' Association
- L.U.A.A. - Lloyd's Underwriting Agents Association
- L.U.A.M.C. - Leading underwriter agreement for marine
cargo
- L.U.A.M.H. - Leading underwriter agreement for marine
hull
- L.U.C.R.O. - Lloyd's Underwriters' Claims andRecoveries
Office
- L.U.T.I.R.O. - Life and Unit Trust Intermediaries Regulatory
Organization
- L.W. - Low water
- L.W.O.S.T. - Low water, ordinary spring tides
- L/A - Letter of authority. Landing account. Lloyd's
agent
- L/C - Letter of Credit
- l/u - Laid up, Letter of undertaking
- L/U - Leading Underwriter
- La Zone Franc - See: Franc Zone.
- Labor Advisory Committee - A committee of private sector
advisors, consisting of trade union representatives and other
experts, which advises the Labor Department and the United States
Trade Representative on U.S. trade policy matters.
- LAES - Latin American Economic System
- LAFTA - Latin American Free Trade Association
- lagan - Goods that have been jettisoned but are attached
to a floating object so that they can be recovered.
- LAIA - Latin American Integration Association
- Laisser Passer - A document accorded by a host government
to foreign diplomatic personnel, which permits them to pass
freely across the border of that country.
- Lake Chad Basin Commission - The LCBC recommends plans
for developing the Chad Basin and coordinates research programs.
The Commission was established in 1964; headquarters are in
N'Djamena, Chad. LCBC members include: The Cameroon, Chad, Niger,
and Nigeria.
- LANBY - Large automatic navigation buoy
- LASH - Lighter aboard ship
- Latin American Association of Development Financing Institutions
- The Association promotes cooperation among members in ways
which support the integration of Latin American economies, including
efforts to improve the flow of information among members and
encouraging studies of problems of common interest. Members
include 24 Latin American countries and several countries in
Europe and North America. The Association was established in
January 1968; headquarters are in Lima, Peru.
- Latin American Economic System - LAES (Spanish: Sistema
Econ¢mico Latinoamericano, SELA), established in October 1975,
promotes economic and social integration among approximately
26 Latin American and Caribbean member states. The System also
seeks to present a united view for Latin America before agencies
of the European Economic Communities and the United Nations.
LAES headquarters are in Caracas, Venezuela.
- Latin American Export Bank - See: Banco Latinoamericano
de Exportaciones.
- Latin American Free Trade Association - See: Latin
American Integration Association.
- Latin American Integration Association - LAIA (Spanish:
Asociaci¢n Latinoamericana de Integraci¢n, ALADI) was originally
created in 1960 as the Latin American Free Trade Association
(LAFTA). LAFTA was restructured by the 1980 Montevideo Treaty
as a more flexible alternative to LAIA. LAIA, whose membership
included Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador,
Mexico, Paraguay, Peru, Uruguay, and Venezuela, has been declining
as a major Latin American integration effort in favor of regional
efforts, such as Mercosur. Association headquarters are in Montevideo,
Uruguay.
- latitude - Distance north or south of the equator.
- LCB - Local Competitive Bidding
- LCBC - Lake Chad Basin Commission
- LCL - Less than full container load
- LDC - Less Developed Country
- LDCs - Least developed countries
- ldg. - Loading
- Ldg. & Dly. - Landing and delivery
- lds. - Loads
- LDT - Light displacement tons
- League of Arab States - The League of Arab States (or
Arab League) is a regional grouping aimed at improving relations
among Arab nations. Members include: Algeria, Bahrain, Djibouti,
Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco,
Oman, Palestine, Qatar, Saudi Arabia, Somalia, Sudan, Syria,
Tunisia, United Arab Emirates, Yeman Arab Republic, Yemen People's
Democractic Republic. The League was established in March 1945;
headquarters are in Cairo, Egypt. See: Arab Bank for Economic
Development in Africa Arab Fund for Economic and Social Development.
- Leg. Chgs. - Legal charges
- length overall - Maximum length between the farthest
ends of a ship.
- Less Developed Country - An LDC is a country with low
per capita gross national product. Terms such as third world,
poor, developing nations, and underdeveloped have also been
used to describe less developed countries.
- Lesser Developed Countries - The classification LLDC
(sometimes also known as "Least" Developed Countries) was developed
by the United Nations to give some guidance to donor agencies
and countries about an equitable allocation of foreign assistance.
The criteria for designating a country an LLDC, originally adopted
by the UN Committee for Development Planning in 1971, have been
modified several times. Criteria have included low: per-capita-income,
literacy, and manufacturing share of the country's total gross
domestic product. There is continuing concern that the criteria
should be more robust and less subject to the possibility of
easy fluctuation of a country between less developed and least
developed status.
- Letter of Credit - A financial document issued by a
bank at the request of the consignee guaranteeing payment to
the shipper for cargo if certain terms and conditions are fulfilled.
Normally it contains a brief description of the goods, documents
required, a shipping date, and an expiration date after which
payment will no longer be made.- An Irrevocable Letter of Credit
is one which obligates the issuing bank to pay the exporter
when all terms and conditions of the letter of credit have been
met. None of the terms and conditions may be changed without
the consent of all parties to the letter of credit.- A Revocable
Letter of Credit is subject to possible recall or amendment
at the option of the applicant, without the approval of the
beneficiary.- A Confirmed Letter of Credit is issued by a foreign
bank with its validity confirmed by a U.S. bank. An exporter
who requires a confirmed letter of credit from the buyer is
assured payment from the U.S. bank in case the foreign buyer
or bank defaults.- A Documentary Letter of Credit is one for
which the issuing bank stipulates that certain documents must
accompany a draft. The documents assure the applicant (importer)
that the merchandise has been shipped and that title to the
goods has been transferred to the importer.
- Letter Of Credit - An instrument of audit issued by
the buyer's bank, at the buyer's request, in which the issuing
bank promises to pay the seller upon presentation of documents
stipulated in the terms and conditions of the audit
- LETTER OF CREDIT (Confirmed) - A letter of audit issued
by one bank to which another bank added its irrevocable confirmation
to pay, thereby obligating itself in the same manner as the
opening bank. For example, "we hereby confirm this credit and
undertake to pay drafts drawn in accordance with the terms and
conditions of the letter of credit."
- LETTER OF CREDIT (Cumulative) - A revolving letter
of credit which permits any amount not utilized during any of
the specified periods to be carried over and added to the amounts
available in subsequent periods.
- LETTER OF CREDIT (Deferred Payment) - A letter of credit
issued for the purchase and financing of merchandise, similar
to acceptance letter of credit, except that it requires presentation
of sight drafts which are payable on installment basis usually
for periods of 1 year or more. Under this type of credit, the
seller is financing the buyer until the stipulated time his
drafts can be presented to the bank for payment. There is a
significant deference in the bank's commitment, depending on
whether the negotiating bank advised or confirmed the letter
of credit.
- LETTER OF CREDIT (McLean) - A letter of credit which
requires the beneficiary to present only a draft or a receipt
for specified funds before he receives payment.
- LETTER OF CREDIT (Negotiable) - A letter of credit
issued in such form that it allows any bank to negotiate the
documents. Negotiable credits incorporate the opening bank's
engagement, stating that the drafts will be duly honored on
presentation, provided they comply with ail terms of the credit.
- LETTER OF CREDIT (Non-Cumulative) - A revolving letter
of credit which prohibits the amount not utilized during the
specific period to be available in the subsequent periods.
- LETTER OF CREDIT (Revocable) - This type of letter
of credit is not as legally binding as an irrevocable credit.
It can be modified or canceled without the beneficiary's consent,
unless the negotiation has already taken place. The issuing
bank must honor the drafts negotiated before the notice of revocation
or amendment has been made. Negotiability is restricted to the
advising bank and confirmation is usually not available.
- LETTER OF CREDIT (Revolving) - A credit which includes
a provision for reinstating its face value after being drawn
under within a stated period of time. This kind of credit facilitates
the financing of on going regular purchases.
- LETTER OF CREDIT (Standby) - One issued for the express
purpose of effecting payment in the event of default. The issuing
bank is prepared to pay but does not expect to as long as the
underlying transaction is properly fulfilled.
- LETTER OF CREDIT (TRAVELER'S) - A letter of credit
which is issued by a bank to a customer preparing for an extended
trip. The customer pays for the letter of credit at the time
of issuance, and a bank issues the letter for a specified period
of time in the amount purchased. The bank furnishes a list of
correspondent banks where drafts against the letter of credit
will be honored. The bank also identifies the customer by exhibiting
a specimen signature of the purchaser in the folder enclosing
the list of correspondent banks. Each bank, which honors a draft,
endorses on the letter of credit the date when a payment was
made, the bank's name, the amount drawn against the letter of
credit, and charges the issuing bank's account.
- Letter of Credit ADVICE OF CREDIT - Communication by
the advising bank that a letter of credit has been issued. The
primary responsibility of the advising bank is to take care
in establishing the authenticity of the credit.
- Letter of Credit ADVISING BANK - A bank which acts
as an agent of the issuing bank of a letter of credit in supplying
the details of the letter of credit to its beneficial, without
any responsibility or engagement on its part.
- Letter of Credit-ACCEPTANCE FINANCING - An acceptance
transaction unrelated to a letter of credit, created for the
purpose of borrowing, is referred to as acceptance financing.
In contrast to direct loans, the bankers acceptance provides
a vehicle of financing customers without the use of bank funds.
By accepting a draft the bank merely adds its name to a bill
which then can be used to raise funds by selling in the open
market.
- Liab. - Liability
- LIB - Limited International Bidding
- LIBID - London Interbank Bid Rate
- LIBOR - London Interbank Offered Rate
- Life-Cycle Processing - An accounting approach in which
a company sets product prices based on recovering costs over
the life cycle of the product. U.S. authorities dispute the
validity of this approach because projections of future yield
improvements cannot be verified at the time of dumping calculations.
- LIFFE - London International Financial Futures and
Options, Exchange
- lift - Weight of an individual piece of cargo lifted
or carried.
- lift-on lift-off - To load and discharge cargo by lifting
it on and off a ship via cranes. This is the method generally
used for containers.
- Lighter - An open or covered vessel which transfers
cargo between ship and shore, used mainly in harbors and inland
waterways. Lighters are generally used for shorter hauls than
barges.
- LIMEAN - London Interbank Mean Rate
- Limited (Liability) - In the United Kingdom there are
two types of limited companies: (a) a private limited company
in which the public cannot be invited to subscribe to any share
issue and (b) a public limited company (plc) which can raise
funds through share issues. Before a limited company can "go
public," it must have a minimum share capital. A private limited
company requires no minimum share capital.
- Limited Appointment - Limited appointees to the U.S.
and Foreign Commercial Service (or to other foreign services)
are persons from the private sector or from the Federal Government
who are non-career officers assigned overseas for a limited
time.
- Limited International Bidding - LIB is one of several
forms of procurement made with World Bank financing. In some
circumstances (such as: small purchases, urgent need, or few
suppliers), suppliers or contractors of specialized goods and
services participate by invitation rather than in response to
an advertisement. See: International Business Opportunities
Service International Competitive Bidding Local Competitive
Bidding.
- LIMNET - London Insurance Market Network
- line - A company that operates a ship on a regular
basis between advertised ports and offers space for goods in
return for freight based on a tariff of rates.
- Line Release System - The Line Release System, a part
of Customs' Automated Commercial System, is designed for the
release and tracking of shipments through the use of personal
computers and bar code technology. To qualify for line release,
a commodity must have a history of invoice accuracy, and be
selected by local Customs districts on the basis of high volume.
To release the merchandise, Customs reads the bar code into
a personal computer, verifies that the bar code matches the
invoice data, and enters the quantity. The cargo release is
transmitted to the Automated Commercial System, which establishes
an entry and the requirement for an entry summary, and provides
the Automated Broker Interface system participants with release
information.
- Liquidation System - The Liquidation System, a part
of 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.
An entry liquidation is a final review of the entry. P.L. 95-410
(Customs Procedural Reform and Simplification Act of 1978) requires
that all liquidations be performed within one year from the
date of consumption entry or final withdrawal on a warehouse
entry. Three one-year extensions are permitted.
- Lkg. & bkg. - Leakage and breakage
- Lkge & Bkge - Leakage and breakage
- Ll. & Cos. - Lloyd's and Companies
- LLDCs - Lesser Developed Countries
- LNG - Liquefied natural gas
- loa - Length overall
- Local Competitive Bidding - LCB is one of several forms
of procurement made with World Bank financing. LCB is generally
used for contracts involving: (a) labor intensive activities;
(b) small value; (c) locally procurable services or goods priced
below the world market; (d) intermittant work; or (e) activities
to be performed at numerous sites. See: International Business
Opportunities Service International Competitive Bidding Limited
International Bidding.
- Lombard Rate - The Lombard rate is one of the official
interest rates in Germany used to regulate the money market.
Other countries use the term Lombard to describe rates which
function somewhat like the Lombard rate. The Swiss, for example,
have their own Lombard rate. In France, it's called the Central
Bank Intervention rate but performs the same function.
- Lome Convention - The Convention is an agreement concluded
at Lome, Togo in February 1975 and which entered into force
in April 1976. The orginal Convention has been followed by several
additional Lome Conventions which expanded the scope of the
original agreement. The Convention is between the European Community
(EC) and 62 African, Caribbean, and Pacific states (mostly former
colonies of the EC members). The agreement covers some aid provisions
as well as trade and tariff preferences for the ACP countries
when shipping to the EC. Lome grew out of the 1958 Treaty of
Rome's "association" with the 18 African colonies/countries
that had ties with Belgium and France. The ACP members are:
Angola, Bahamas, Barbados, Benin, Botswana, Burkina Faso, Burundi,
Cameroon, Cape Verde, Central African Republic, Chad, Comoros,
Congo, Cote d'Ivoire, Djibouti, Dominica, Equatorial Guinea,
Ethiopia, Fiji, Gabon, Gambia, Ghana, Grenada, Guinea, Guinea-Bissau,
Guyana, Jamaica, Kenya, Lesotho, Liberia, Madagascar, Malawi,
Mali, Mauritius, Mauritania, Mozambique, Namibia, Niger, Nigeria,
Papua New Guinea, Rwanda, Saint Lucia, Saint Vincent, Samoa,
Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Solomon
Islands, Somalia, Sudan, Suriname, Swaziland, Tanzania, Togo,
Trinidad and Tobago, Uganda, Zaire, Zambia, and Zimbabwe.
- London Club - The London Club, a creditor cartel of
commercial banks, evolved in the early 1980s. Debt rescheduling
(i.e., constructing new repayment profiles over a specific period
of time) was a primary function of the club. The Brady deals
on debt restructuring (i.e., renegotiating the entire stock
of outstanding debt at a discount), obviated the need to reschedule
repayments every couple of years. In some respect, the Bank
Advisory Committee has replaced the London Club. The Paris Club,
also concerned with debt repayment, is an association of official
creditors. See: Bank Advisory Committee.
- London Interbank Bid Rate - LIBID is the rate of interest
paid for funds in the London interbank market. The bid to Libor's
offer has been used as a reference for floating rate payments
for especially strong borrowers.
- London Interbank Mean Rate - Abbreviated as LIMEAN,
this is the midpoint of the LIBOR-LIBID spread. LIMEAN has been
used as a reference for floating rate payments.
- London Interbank Offered Rate - LIBOR, the most prominent
of the interbank offered rates, is the rate of interest at which
banks in London lend funds to other prime banks in London. LIBOR
is frequently used as a basis for determining the rate of interest
payable on Eurodollars and other Eurocurrency loans. The effective
rate of interest on these Eurocredits is LIBOR plus a markup
negotiated between lender and borrower. See: Interbank Offered
Rate.
- London International Financial Futures and Options Exchange
- LIFFE, Europe's leading exchange, trades in futures contracts
including short-term interest rates, government bonds, stock
indices, and traded options on these instruments. The Exchange
was established in 1982 to provide a means for hedging interest
rates and currency exposures against volatility. Originally
called the London International Financial Futures Exchange,
LIFFE merged in March 1992 with the London Traded Options Market
(LTOM) and retained the original acronym.
- long ton - 2,240 lbs.
- Long-Dated Forward - The long-dated forward is a foreign
exchange contract whose maturity exceeds one year; a few have
extended over ten years.
- longitude - Distance east or west of the Greenwich
meridian.
- Louvre Accord - The Louvre Accord (February 1987) attempted
to stop the dollar's fall and stabilize currency relationships
by introducing reference ranges among the G-7 currencies. See:
Plaza Accord.
- LPG - Liquefied petroleum gas
- Lt.-v. - Light-vessel
- LTD - Limited (Liability)
- LTFV - Less Than Fair Value
- LTGE - Lighterage
- Ltr. - Lighter
- LUF - Lifting unit frame
- Lusophone Countries - Lusophone countries are those
in which the official language is Portuguese: Angola, Brazil,
Cape Verde, Guinea-Bissau, Mozambique, Portugal, and Sao-Tome
and Principe.
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