Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: L

LIAISON

1.Communicators for two entities; typically, a corporate situation. 2. Entity responsible for communications from one party to another. 3. Thickener substance for a stew or sauce.

LIFE CYCLE COSTING

Procurement, production, life-cycle costing technique. Cost to buy, install, operate, maintain and upgrade, and waste during the asset’s economic life are tracked to determine the lowest cost of ownership of a fixed

LIFE-CYCLE PLANNING

To assist with resource allocation planning to various projects, life cycle theory is applied to project planning, projections, and decisions.

LIGHTEN UP

1. To make something lighter. An example is taking inventory off a truck. 2. To liquidate a securities positions. Moving investment portfolio holdings to cash. Selling stocks or bonds to lighten up

LIMITED GUARANTEE

A specific obligation fulfilling a written undertaking. Also known as specific guarantee.

LINE RELEASE SYSTEM

Customs approved system for tracking and release of repetitive, low risk shipments. It is restricted to locations approved by Customs. Bar code technology enables immediate item entry that Customs declares to be

LINES PER INCH (LPI)

A half-tone screen’s horizontal and vertical line or wires count. More lines means a finer screen, smaller dot sizes for printers or smaller pixel sizes for monitors.

LISTERIOSIS

Infected ready-to-eat meat, dairy products, salads, and cook chill dishes transmit Listeria monocytogenes, a grampositive bacteria that causes foodborne disease. Dark red rash over legs and trunks, flulike fever, and lethargy, leading

LIVING SPECIFICATION

Focusing on form, fit, and function, this set of flexible requirements are designed to easily fit new products, processes, and more advanced requirements into what currently exists. It promotes continuous quality improvements

LOBSTER TRAP

A rule preventing take over by no allowing any partner owning more than 10% from converting their stock into voting stocks.

LODGING

total of rent and a reasonable expense for utilities and provided appliances, furniture, and amenities.

LONDON CLUB

Major creditor banks informally associated who discuss debt rescheduling when requested by borrower governments, as well as other banking matters. The group convenes as needed for these discussions. Also refer to Group

LONG PRODUCTS

Metal products typically sold by length, such as angles, bars, rods, and the like.

LONGITUDINAL STUDY

To identify a long-term trend, applying this statistical study. Also refer to cross sectional study.

LOSS CARRYFORWARD

Current year’s net loss offsets subsequent years’ taxable income as an accounting adjustment. Even a partial loss carryback of up to 20 years under the US tax laws is possible.

LOSS LEADER

Below-cost sale as advertised of goods or services. Intended to increase retail store customer visits. Assumption is visits will also increase full-priced item purchases. Also refer to price leader.

LUMP SUM

1. Single large amount; no smaller amounts; no installments. 2. Entire lot’s , or group of goods or services’ single price. Given no individual item breakdown.

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