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Lading |
The placing of cargo, mail, baggage or stores on board an aircraft to be carried on a flight. (ICAO Annex 9) |
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Lagan |
Cargo or equipment to which an identifying maker or buoy is fastened, thrown over- board in time of danger to lighten a ship's load. Under maritime law if the goods are later found they must be returned to the owner whose marker is attached; the owner must make a salvage payment. |
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Landed Cost |
The cost of the imported goods at the port or point of entry into a country, including the cost, freight, insurance and port & dock charges. Charges of freight etc occurring after the goods leave the import point are not included. |
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Landing Certificate |
Certificate issued by consular officials of some importing countries at the point or place of export when the subject goods are exported under bond. |
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LASH |
A maritime industry abbreviation for ‘Lighter Aboard Ship.’ A specially constructed vessel equipped with an overhead crane for lifting specially designed barges and stowing them into cellular slots in an athwartship position. |
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LC |
Letter of Credit. |
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LCL |
Less than a container load |
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Lead time |
The time elapsed between the date of order and receipt of the goods. |
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Letter of Credit |
A document, issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time. |
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Letter of Credit - Irrevocable |
An instrument that, once established, cannot be modified or cancelled without the agreement of all parties concerned. |
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Letter of Credit - Revolving |
An irrevocable letter issued for a specific amount; renews itself for the same amount over a given period. |
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LIFO |
Last in, first out – the last product that is moved into a store is deemed to be used first |
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Lift On-Lift off (LO/LO) |
Cargo handling technique involving the transfer of commodities to and from the ship using shore side cranes or ship's gear. |
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Lighter |
An open or covered barge towed by a tugboat and used mainly in harbours and inland waterways to carry cargo to/from alongside a vessel. |
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Likelihood of risk |
The likelihood that a risk to the achievement of Customs objectives will occur. |
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Lloyds’ Register |
An organization maintained for the surveying and classing of ships so that insurance underwriters and others may know the quality and condition of the vessels offered for insurance or employment. |
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Long ton |
2240 pounds weight |
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Low-risk |
An activity, entity or transaction that is deemed to present a low risk to the achievement of Customs objectives. |
