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WednesdayJune 21 Home Trade Tutorials Trade Library. Labor Advisory Committee - A committee of private sector advisors, consisting of trade union representatives and other experts, which advises the Labor Department and the United States Trade Representative on U.
LAES - Latin American Economic System LAFTA - Latin American Free Trade Association lagan - Goods that have been jettisoned but are attached to a floating object so that they can be recovered. LAIA - Latin American Integration Association Laisser Passer - A document accorded by a host government to foreign diplomatic personnel, which permits them to pass freely across the border of that country. Lake Chad Basin Commission - The LCBC recommends plans for developing the Chad Basin and coordinates research programs.
The Commission was established in ; headquarters are in N'Djamena, Chad. The Cameroon, Chad, Niger, and Nigeria. LANBY - Large automatic navigation buoy LASH - Lighter aboard ship Latin American Association of Development Financing Institutions - The Association promotes cooperation among members in ways which support the integration of Latin American economies, including efforts to improve the flow of information among members and encouraging studies of problems of common interest.
Members include 24 Latin American countries and several countries in Europe and North America. The Association was established in January ; headquarters are in Lima, Peru. Latin American Economic System - LAES Spanish: The System also seeks to present a united view for Latin America before agencies of the European Economic Communities and the United Nations.
LAES headquarters are in Caracas, Venezuela. Latin American Export Bank - See: Banco Latinoamericano de Exportaciones.
Latin American Free Trade Association - See: Latin American Integration Association. Latin American Integration Association - LAIA Spanish: LAFTA was restructured by the Montevideo Treaty as a more flexible alternative to LAIA. LAIA, whose membership included Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, and Venezuela, has been declining as a major Latin American integration effort in favor of regional efforts, such as Mercosur.
Association headquarters are in Montevideo, Uruguay. LCB - Local Competitive Bidding LCBC - Lake Chad Basin Commission LCL - Less than full container load LDC - Less Developed Country LDCs - Least developed countries ldg. Algeria, Bahrain, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, United Arab Emirates, Yeman Arab Republic, Yemen People's Democractic Republic.
The League was established in March ; headquarters are in Cairo, Egypt. Arab Bank for Economic Development in Africa Arab Fund for Economic and Social Development. Less Developed Country - An LDC is a country with low per capita gross national product. Terms such as third world, poor, developing nations, and underdeveloped have also been used to describe less developed countries. Lesser Developed Countries - The classification LLDC sometimes also known as "Least" Developed Countries was developed by the United Nations to give some guidance to donor agencies and countries about an equitable allocation of foreign assistance.
The criteria for designating a country an LLDC, originally adopted by the UN Committee for Development Planning inhave been modified several times. Criteria have included low: There is continuing concern that the criteria should be more robust and less subject to the possibility of easy fluctuation of a country between less developed and least developed status.
Letter of Credit - A financial document issued by a bank at the request of the consignee guaranteeing payment to the shipper for cargo if certain terms and conditions are fulfilled. Normally it contains a brief description of the goods, documents required, a shipping date, and an expiration date after which payment will no longer be made. None of the terms and conditions may be changed without the consent of all parties to the letter of credit. An exporter who requires a confirmed letter of credit from the buyer is assured payment from the U.
The documents assure the applicant importer that the merchandise has been shipped and that title to the goods has been transferred to the importer. Letter Of Credit - An instrument of audit issued by the buyer's bank, at the buyer's request, in which the issuing bank promises to pay the seller upon presentation of documents stipulated in the terms and conditions of the audit LETTER OF CREDIT Confirmed - A letter of audit issued by one bank to which another bank added its irrevocable confirmation to pay, thereby obligating itself in the same manner as the opening bank.
For example, "we hereby confirm this credit and undertake to pay drafts drawn in accordance with the terms and conditions of the letter of credit. LETTER OF CREDIT Deferred Payment - A letter of credit issued for best auto trade forex purchase and financing of merchandise, similar to acceptance letter of credit, except that it requires presentation how do you make money in kingdoms of camelot sight drafts which are payable on installment basis usually for periods of 1 year or more.
Under this type of credit, the seller is financing the buyer until the stipulated time his drafts can be presented to the bank for payment. There is a significant deference in the bank's commitment, depending on whether the negotiating bank advised or confirmed the letter of credit.
LETTER OF CREDIT McLean - A letter of credit which requires the beneficiary to present only a draft or a receipt for specified funds before he receives payment.
LETTER OF CREDIT Negotiable - A letter of credit issued in such form that it allows any bank to negotiate the documents. Negotiable credits incorporate the opening bank's engagement, stating that the drafts will be duly honored on presentation, provided they comply with ail terms of the credit. LETTER OF CREDIT Non-Cumulative - A revolving letter of credit which prohibits the amount not utilized during the specific period to be available in the subsequent periods.
LETTER OF CREDIT Revocable - This type of letter of credit finanzas forex devolucion 2014 not as legally binding as an irrevocable credit. It can be modified or canceled without the beneficiary's how to make money from landfill, unless the negotiation has already taken place.
The issuing bank must honor the drafts negotiated before the notice of revocation or amendment has been made. Negotiability foreign exchange converter india restricted to the advising bank and confirmation is usually not available.
LETTER OF CREDIT Revolving - A credit which includes a provision for reinstating its face value after being drawn under within a stated period of time. This kind of credit facilitates the financing of on going regular purchases. LETTER OF CREDIT Standby - One issued for the express purpose of effecting payment in the event of nyse trading days. The issuing bank is prepared to pay but does not expect to as long as the bookmaker bookmaker wincash transaction is properly fulfilled.
LETTER OF CREDIT TRAVELER'S - A letter of credit which is issued by a bank to a customer preparing for an extended trip. The customer pays for the letter of credit at the time of issuance, and a bank cfd index trading strategy the letter for a specified period of time in the amount purchased.
London International Financial Futures And Options Exchange (LIFFE)
The bank furnishes a list of correspondent banks where drafts against the letter of credit will be honored. The bank also identifies the customer by exhibiting a specimen signature of the purchaser in the folder enclosing the list of correspondent banks.
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Each bank, which honors a draft, endorses on the letter of credit the date when a payment was made, the bank's name, the amount drawn against the letter of credit, and charges the issuing bank's account. Letter of Credit ADVICE OF CREDIT - Communication by the advising bank that a letter of credit has been issued. The primary responsibility of the advising bank is to take care in establishing the authenticity of the credit.
Letter of Credit ADVISING BANK - A bank which acts as an agent of the issuing bank of a letter of credit in supplying the details of the letter of credit to its beneficial, without any responsibility or engagement on its part.
In contrast to direct loans, the bankers acceptance provides a vehicle of financing customers without the use of bank funds. By accepting a draft the bank merely adds its name to a bill which then can be used to raise funds by selling in the open market.
LIFFE - London International Financial Futures and Options, Exchange lift - Weight of an individual piece of cargo lifted or carried. This is the method generally used for containers. Lighter - An open or covered vessel which transfers cargo between ship and shore, used mainly in harbors and inland waterways. Lighters are generally used for shorter hauls than barges. LIMEAN - London Interbank Mean Rate Limited Liability - In the United Kingdom there are two types of limited companies: Before a limited company can "go public," it must have a minimum share capital.
A private limited company requires no minimum share capital. Limited Appointment - Limited appointees to the U. Limited International Bidding - Trade liffe options is one of several forms of procurement made with World Bank financing. In some circumstances such as: International Business Opportunities Service International Competitive Bidding Local Competitive Bidding. LIMNET - London Insurance Market Network line - A company that operates a ship on a regular basis nyse trading days advertised ports and offers space for goods in return for freight based on a tariff of rates.
Line Release System - The Line Release System, a part of Customs' Automated Commercial System, is designed for the release and tracking of shipments through the use of personal computers and bar code technology. To qualify for line release, a commodity must have a history of invoice accuracy, and be selected by local Customs districts on the basis of high volume. To release the merchandise, Customs reads the bar code into a personal computer, verifies that the bar code matches the invoice data, and enters the quantity.
Options Clearing Corporation - Wikipedia
The cargo release is transmitted to the Automated Commercial System, which establishes an entry and the requirement for an entry summary, and provides the Automated Broker Interface system participants with release information.
Liquidation System - The Liquidation System, a part of Customs' Automated Commercial System, closes the file on each entry and establishes a batch filing number which is essential for recovering an entry for review or enforcement purposes.
Glossary of Trade & Shipping Terms - L
An entry liquidation is a final review of the entry. Three one-year extensions are permitted. LCB is generally used for contracts involving: International Business Opportunities Service International Competitive Bidding Limited International Bidding. Lombard Rate - The Lombard rate is one of the official interest rates in Germany used to regulate the money market.
Other countries use the term Lombard to describe rates which function somewhat like the Lombard rate. The Swiss, for example, have their own Lombard rate. In France, it's called the Central Bank Intervention rate but performs the same function. Lome Convention - The Convention is an agreement concluded at Lome, Togo in February and which entered into force in April The orginal Convention has been followed by several additional Lome Conventions which expanded the scope of the original agreement.
The Convention is between the European Community EC and 62 African, Caribbean, and Pacific states mostly former colonies of the EC members. The agreement covers some aid provisions as well as trade and tariff preferences for the ACP countries when shipping to the EC. The ACP members are: Angola, Bahamas, Barbados, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Cote d'Ivoire, Djibouti, Dominica, Equatorial Guinea, Ethiopia, Fiji, Gabon, Gambia, Ghana, Grenada, Guinea, Guinea-Bissau, Guyana, Jamaica, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mauritania, Mozambique, Namibia, Niger, Nigeria, Papua New Guinea, Rwanda, Saint Lucia, Saint Vincent, Samoa, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Solomon Islands, Somalia, Sudan, Suriname, Swaziland, Tanzania, Togo, Trinidad and Tobago, Uganda, Zaire, Zambia, and Zimbabwe.
London Club - The London Club, a creditor cartel of commercial banks, evolved in the early s. The Brady deals on debt restructuring i. In some respect, the Bank Advisory Committee has replaced the London Club.
The Paris Club, also concerned with debt repayment, is an association of official creditors. London Interbank Bid Rate - LIBID is the rate of interest paid for funds in the London interbank market. The bid to Libor's offer has been used as a reference for floating rate payments for especially strong borrowers. London Interbank Mean Rate - Abbreviated as LIMEAN, this is the midpoint of the LIBOR-LIBID spread.
LIMEAN has been used as a reference for floating rate payments. London Interbank Offered Rate - LIBOR, the most prominent of the interbank offered rates, is the rate of interest at which banks in London lend funds to other prime banks in London. LIBOR is frequently used as a basis for determining the rate of interest payable on Eurodollars and other Eurocurrency loans.
The effective rate of interest on these Eurocredits is LIBOR plus a markup negotiated between lender and borrower. London International Financial Futures and Options Exchange - LIFFE, Europe's leading exchange, trades in futures contracts including short-term interest rates, government bonds, stock indices, and traded options on these instruments.
The Exchange was established in to provide a means for hedging interest rates and currency exposures against volatility. Originally called the London International Financial Futures Exchange, LIFFE merged in March with the London Traded Options Market LTOM and retained the original acronym. Long-Dated Forward - The long-dated forward is a foreign exchange contract whose maturity exceeds one year; a few have extended over ten years.
Louvre Accord - The Louvre Accord February attempted to stop the dollar's fall and stabilize currency relationships by introducing reference ranges among the G-7 currencies. LPG - Liquefied petroleum gas Lt.
Angola, Brazil, Cape Verde, Guinea-Bissau, Mozambique, Portugal, and Sao-Tome and Principe. Restricted - A condition within the letter of credit which limits its negotiation to a named bank. About Tradeport Advertise on Tradeport Contact us.