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L
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- l - liter
- 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.L. - Less than full container load
- 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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