Category: L

Employers, workers, and often union representatives as a joint-committee. Proposed changes as mandatory subjects of collective bargaining must be formally negotiated. Intent is to recommend efficiency and working condition improvements, and monitor

Artificially increasing an undeveloped land parcel’s book value far over its fair market value. Fraudulent, illegal practice. Colluding buyers typically buy and sell the same property several times among its members. Each

Concealing theft of cash as a fraudulent practice. A cashier, clerk, or teller takes cash illegally from one customer’s payment to cover up taking cash from a previous customer’s payment, over and

the latest information on accommodation availability as provided by an electronic hotel-room reservation system.

Submittal deadline a beneficiary of a letter of credit (L/C) has for required documents to receive the payment. If the L/C has no specified, either the L/C validity date or the date

Statistical observation that any anomaly can be discovered by comparing different or larger samples if the samples from a large group of the test population trend to the group’s characteristics. Also refer

When a representative acts as leader of the board. Refer to presiding directory, residing director, and nonexecutive director.

Spacing between lines of text as a vertical amount. .

Lease attachment or annex formally added. Lists and describes the item leased, required lease payments, and other terms applicable to the lease. The lease terms and conditions are fixed per the master

Tenant / renter / lessee-held real property on a fixed-term lease that returns to its freehold owner / lessor.

Lawful capacity for an entity in its own name to enter into binding contracts, to sue and to be sued.

Specifically, a leasehold estate authorized with a set term by a deed .

Acquiring a benefit, interest, or right by enforcing a remedy, action or procedure established by court decision.

Common legal phrase. Lawful action, such as an agreement consciously agreed to by two or more entities, establishing lawful accountability. For example, an apartment lease legally binds the lessor and the lessee.

It may or may not also be a depository institution. A bank, credit union, or finance company that makes loans.

Exposure expected to kill within 30 days half of the population exposed to radiation or radioactive material. Written also as LD50:30.

Not a legal instrument. Information required by an executor to execute a will. Also refer to letter of wishes.

Universal life insurance option paying the policy’s face value or a specified accumulation value percentage upon the insured’s death.

Constant production rate regardless of demand fluctuation. Maximum plant capacity utilization and balanced workforce size are the objectives.

A liability insurance policy’s maximum benefit available payout.