Logistic Glossary – Letter L
The cargo carried in a transportation vehicle.
Laid-Down cost The sum of the product and transportation costs. The laid-down cost is useful in comparing the total cost of a product shipped from different supply sources to a customer's point of use.
Land bridge The movement of containers by ship-rail-ship on Japan-to-Europe moves; ships move containers to the U.S. Pacific Coast, rails move containers to an East Coast port, and ships deliver containers to Europe.
Landed Cost Cost of product plus relevant logistics costs, such as transportation, warehousing, handling, etc. Also called Total Landed Cost of Net Landed Costs.
Lash Barges Covered barges that carriers load on board oceangoing ships for movement to foreign destinations.
LASH Vessel A ship measuring at least 820 feet long with a deck crane able to load and unload barges through a stern section that projects over the water. The acronym LASH stands for Lighter (barge) Aboard Ship.
Last In First Out (LIFO) In inventory control and financial accounting, this refers to the practice of using stock from inventory on the basis of what was received last is consumed first. This has limited use in stock keeping and is primarily a cost-accounting method.
Last Updated A date and time stamp that is recorded when a field or record was last modified by the user.
Less-Than-Carload and Less-Than-Containerload (LCL).
Lead Logistics Provider (LLP) An organization that organizes other third party logistics partners for outsourcing of logistics functions. Also see Fourth Party Logistics.
Lead Time The total time that elapses between an order's placement and its receipt. It includes the time required for order transmittal, order processing, order preparation, and transit.
Leg A leg has an origin, destination, and carrier and is composed of all consecutive segments of a route booked through the same carrier. Also called Bookable Leg.
Lessee A person or firm to whom a lessor grants a lease.
Lessor A person or firm that grants a lease.
Less-Than-Carload (LCL) Shipment that is less than a complete rail car load (lot shipment).
Less-Than-Containerload (LCL) A term used when goods do not completely occupy an entire container. When many shipper's goods occupy a single container, each shipper's shipment is considered to be LCL.
Less-Than-Truckload (LTL) Carriers Trucking companies that consolidate and transport smaller (less than truckload) shipments of freight utilizing a network of terminals and relay points.
Less-Than-Truckload (LTL) Trucking companies that consolidate and transport smaller (less than truckload) shipments of freight by utilizing a network of terminals and relay points.
Letter of Credit (LOC) A method of payment for goods in which the buyer established his credit with a local bank, clearly describing the goods to be purchased, the price, the documentation required, and a time 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 proceeds to transfer funds to the seller.
Leverage Taking something small and exploding it. Leverage can be financial or technological.
Life Cycle Cost In cost account, a product's life cycle is the period that starts with the initial product conceptualization and ends with the withdrawal of the product from the marketplace and final disposition. A product life cycle is characterized by certain defined stages, including research, development, introduction, maturity, decline, and abandonment. Life cycle cost is the accumulated costs incurred by a product during these stages.
LIFO See Last In First Out (LIFO).
Lift on, Lift off (LO/LO) A method by which cargo is loaded onto and unloaded from an ocean vessel, which in this case is with a crane.
Lighter A barge-type vessel used to carry cargo between shore and cargo ship. While the terms barge and lighter are used interchangeably, a barge usually refers to a vessel used for a long haul, while a lighter is used for a short haul.
Lighterage The cost of loading or unloading a vessel by means of barges.
Line Functions The decision-making areas companies associate with daily operations. Logistics line functions include traffic management, inventory control, order processing, warehousing, and packaging.
Line Item A specific and unique identifier assigned to a product by the responsible enterprise.
Line-Haul Shipment A shipment that moves between cities and over distances more than 100 to 150 miles in length.
Liner Service International water carriers that ply fixed routes on published schedules.
Lead Logistics Partner (LLP).
Lift on, Lift off (LO/LO).
Load Factor A measure of operating efficiency used by air carriers to determine a plane's utilized capacity percentage or the number of passengers divided by the total number of seats.
Load Tender (Pick-Up Request) An offer of cargo for transport by a shipper. Load tender terminology is primarily used in the motor industry.
Load Tendering The practice of providing a carrier with detailed information and negotiated pricing (the tender) prior to scheduling pickup. This practice can help assure contract compliance and facilitate automated payments (self billing).
Loading Allowance A reduced rate that carriers offer to shippers and/or consignees who load and/or unload LTL or Any Quantity shipments.
Loading Port The port where the cargo is loaded onto the exporting vessel. This port must be reported on the Shipper's Export Declaration, Schedule D. Schedule D is used by U.S. companies when exporting to determine which tariff is used to freight rate the cargo for carriers with more than one tariff.
Letter of Credit (LOC).
Local Area Network (LAN) A data communications network spanning a limited geographical area, usually a few miles at most, providing communications between computers and peripheral devices.
Local Rate A rate published between two points served by one carrier.
Local Service Carriers A classification of air carriers that operate between less-populated areas and major population centers. These carriers feed passengers into the major cities to connect with major carriers. Local service carriers are now classified as national carriers.
Localized Raw Material A raw material found only in certain locations.
Locational Determinant The factors that determine a facility's location. For industrial facilities, the determinants include logistics.
Logbook A daily record of the hours an interstate driver spends driving, off duty, sleeping in the berth, or on duty but not driving.
Logistics Channel The network of supply chain participants engaged in storage, handling, transfer, transportation, and communications functions that contribute to the efficient flow of goods.
Logistics Costs The factors associated with the acquisition, storage, movement, and disposition of goods.
Logistics Data Interchange (LDI) A computerized system that electronically transmits logistics information.
Logistics The process of planning, implementing, and controlling procedures for the efficient and effective storage of goods, services, and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements. This definition includes inbound, outbound, internal, and external movements.
Lot Control A set of procedures (e.g., assigning unique batch numbers and tracing each batch) used to maintain lot integrity from raw materials, from the supplier through manufacturing to consumers.
Lot Size The quantity of goods a company purchases or produces in anticipation of use or sale in the future.
LTL shipment A less-than-truckload shipment, one weighing less than the minimum weight a company needs to use the lower truckload rate.
LTL See Less-Than-Truckload Carriers (LTL).
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