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Glossary

 

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Latest Shipment Date

Last day on which goods may be shipped, as evidenced by on-board date on bill of lading or flight date on air waybill.

 

Lb

Pound

 

Letter of Credit (LC)

A document that facilitates the movement of goods between buyer and seller by providing a means of payment. Undertaking of the issuing bank to make payment if terms and conditions of the L/C are met. A formal letter issued by a bank that authorizes the drawing of drafts against the bank up to a fixed amount on behalf of its customers and thereby facilitates the transaction of business between parties who may not be otherwise acquainted with each other. The drafts may be payable upon presentation to the bank which issued the credit or at some later time, as fixed by the terms of the credit. The Letter of Credit may be sent directly by the issuing bank or its customer to the beneficiary or the terms of the credit may be transmitted through a correspondent bank. In the latter event, the correspondent may add its guarantee (confirmation) to that of the issuing bank, depending on the arrangements made between the seller and the purchaser. When such a guarantee is added, the letter is described as a confirmed credit.

 

Letter of Credit Available by Acceptance

A Letter of Credit available at the counters of the issuing or nominated bank, by acceptance of a Bill of Exchange payable to the seller at a determinable future date.
 

Letter of Credit Available by Deferred Payment

A Letter of Credit available at the counters of the issuing or nominated bank, by the granting of a commitment to pay the seller at a determinable future date. Used in countries where Bills of Exchange are not legally enforceable or where the use of Bills of Exchange attracts penal stamp taxes or duties.
 

Letter of Credit Available by Negotiation

A Letter of Credit available with the issuing bank, nominated bank, or, in the case of a freely negotiable Letter of Credit any bank that is authorized to negotiate the sellers Bill of Exchange and shipping documents. See Negotiation.
 

Letter of Credit Available by Payment / At Sight

A Letter of Credit available at the counters of the issuing bank or nominated bank, by the granting of payment (including payment of sight Bills of Exchange) once the correct documentation is received from the seller.

 

LOI 

Letter of Intent

 

Licensing

Arrangement in which a company sells the rights to use its products or services but retains some control. Although not usually considered to be a form of partnership, licensing can lead to partnerships. 

 

Limited Convertibility

Frequently referred to as transferability, this term applies to the changing of one currency into another with government permission.

 

LS 180

Low Sulphur Intermediate Fuel Oil 180

LS 380

Low Sulphur Intermediate Fuel Oil 380

 

LSMGO

Low Sulphur Marine Gas Oil

 

LTFV

Less Than Fair Value

 

LTL

Less Than Load

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