Glossar Trade & Export Finance
Glossar (L)

LASH (= Lighter aboard ship)

Floatable large container (= lighter) used in the combined ocean and inland waterway transport of goods. Lighters are transported on specially constructed ships. See UCP Art. 20.

Latest date for presentation

Deadline for presenting documents under a documentary credit. If no deadline is stated in the documentary credit, the set of documents must be presented within 21 days after the shipment date. Documents must, however, be presented within the validity date of the documentary credit. See UCP Art. 14.

Lead manager

Bank acting as the leader of an underwriting syndicate. It manages the transaction and is normally responsible for contact with the borrower, for the structure, organisation and text of the loan agreement and prospectus, as well as for the composition of the underwriting syndicate and the selling group and, ultimately, for the placement itself. syndicated credit.

L/C (Letter of Credit)

Explanation see under «Documentary credit».

LCL (= Less than Container Load)

In contrast to the «Full Container Load» (see explanation under «FCL») goods too small to fill a container are loaded by the carrier at a container freight station with other compatible goods received from various exporters for delivery to the same destination.

Legalisation

Certification of papers (e.g. commercial invoices and certificates of origin) by the Consulate or Embassy of the importing country, usually in the exporter's or seller's country.

Letter of Assignment

See under «Assignment».

Letter of Credit (L/C)

Explanation see under «Documentary credit».

Letter of Indemnity (LOI) (Usually as an indemnity for missing bill of lading)

It serves to protect the carrier/owner financially against possible consequences in connection with the release of goods without presentation of an original bill of lading. A letter of indemnity is used in cases in which the goods arrive at the port of destination before the original bills of lading. The issuance of the letter of indemnity allows the purchaser to take immediate delivery of the goods, thus saving himself time, additional demurrage, storage expenses, insurance costs, etc.

Liability of the banks involved in documentary credits

The UCP stipulates the obligations of the issuing and confirming banks under documentary credits. See UCP Art. 7, 8.

Lighter

Explanation see under «LASH»

Liner Bill of Lading

Title document, issued by or on behalf of a shipping company, covering shipment on a vessel sailing regular route against a published schedule. See also under «Bill of lading».

Liner Terms

Conditions under which shipping companies transport goods. The amount payable for carriage of the goods (freight) includes the cost both for loading and discharge of the vessel.

Lloyd's Register

Register of ship classifications.