| Label |
|
A slip of e.g. paper or metal attached to an object to indicate
the nature, ownership, destination, contents and/or other
particulars of the object.
|
| Lash |
|
To hold goods in position by the use of, e.g., wires, ropes,
chains and straps.
|
| Less than Container Load |
|
Abbreviation: LCL
i)A
general reference for identifying cargo in any quantity
intended for carriage in a container, where the
Carrier is responsible for packing and/or unpacking
the container.
ii)or
operational purposes a LCL (Less than full container
load) container is considered a container in which
multiple consignments or parts thereof are shipped.
|
| Lessee |
|
The party to whom the possession of specified property has
been conveyed for a period of time in return for rental payments.
|
| Lessor |
|
The party who conveys specified property to another for a
period of time in return for the receipt of rent.
|
| Letter of Credit |
|
Abbreviation: L/C
A written undertaking by a bank (issuing bank) given to the
seller (beneficiary) at the request, and on the instructions
of the buyer (applicant) to pay at sight or at a determinable
future date up to a stated sum of money, within a prescribed
time limit and against stipulated documents.
|
| Letter of Indemnity |
|
Written statement in which one party undertakes to compensate
another for the costs and consequences of carrying out a certain
act. The issue of a letter of indemnity is sometimes used
for cases when a shipper likes receiving a clean Bill of Lading
while a carrier is not allowed to do so.
|
| Liability |
|
Legal responsibility for the consequences of certain acts
or omissions.
|
| Lien |
|
A legal claim upon real or personal property to pay a debt
or duty.
|
| Liner Conference |
|
A group of two or more vessel-operating carriers, which provides
international liner services for the carriage of cargo on
a particular trade route and which has an agreement or arrangement
to operate under uniform or common freight rates and any other
agreed conditions (e.g. FEFC = Far Eastern Freight Conference).
|
| Liner In Free Out |
|
Abbreviation: LIFO
Transport condition denoting that the freight rate is inclusive
of the sea carriage and the cost of loading, the latter as
per the custom of the port. It excludes the cost of discharging.
|
| Liner Terms |
|
Condition of carriage denoting that costs for loading and
unloading are borne by the carrier subject the custom of the
port concerned.
|
| Lloyd's Register of Shipping |
|
British classification society.
|
| LTL |
|
Abbreviation: LTL
A term used if the quantity or volume of one or more consignment(s)
does not fill a standard truck. |
