| Lay Time |
The time allowed a ship to load or
unload. If this number of days is exceeded, demurrage
is incurred. |
| Legal Weight |
The weight of the goods plus any immediate wrappings
which are sold along with the goods. |
| Letter Of Credit (L/C) |
A method of payment for goods by which the buyer
establishes his/her credit with a local bank, clearly
describing the goods to be purchased, the price, the
documentation required and a 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 then transfers funds to
the seller. The bank will insist upon exact compliance
with the terms of the sale, and will not pay if there
are any discrepancies. |
Liquidation: |
The final determination of the duties due. |
| Liner Terms |
An expression covering assessment of ocean freight
rates generally implying that loading and discharging
expenses will be for ship owner's account, and usually
apply from the end of ship's tackle in port of loading
to the end of ship's tackle in port of discharge. |
| Letter Of Hypothecation |
A promise to hold goods as security taken from
customers who are granted loans against goods imported
on a collection basis. |
| Licensing |
A business arrangement in which the manufacturer
of a product grants permission to some other group
or individual to manufacture that product in return
for specified royalties. |
| Loan Against Imports (Lai) |
Loans granted to import customers for payment of
bills. |
