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.