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

Category: L

LIQUIDATED DAMAGES

Cash compensation, agreed to by signed, written contract for breach of contract, payable to the aggrieved party. The contract succinctly specifies what actions, or omissions, constitute a breach. To be legally enforceable,

LISTING REQUIREMENTS

Conditions that a firm must meet before the security, be it a stock, shares, or bonds, is officially quoted or listed for public trading on an organized stock exchange. Some of these

LOAD BALANCING

The even splitting of workload among two or more servers. The intent is to provide a certain standard of throughput for the user community while having online backup servers in case one

LOCKBOX

Banking related service allowing a company to drop its deposit in a postal box where the bank will obtain the deposit and post it to the company’s bank account(s). Typically this service

LOGGING

In a log book, the systematic daily or hourly recording of activities, events, and/or occurrences.

LONG TERM DEBT

Some amount due from the balance sheet date for 12 months or longer. A bank loan, mortgage bonds, debenture, or other obligations not due for one year are several examples. In a

LOOKBACK PERIOD

Determining if a company is paying employment taxes on the correct depositing schedule during this timeframe. July 1 through the next June 30 is this timeframe. A company decides during this time

LOSS DEVELOPMENT FACTOR

Claims reported late give the insurer extra money due to this factor introduced to permit development of losses and reimbursement.

LOSS OF MARKET

Lost chance to sell a potential buyer a specific item. Excluding it as a standard business peril in this circumstance from certain contracts is typically done.

LOSSLESS COMPRESSION

Compression-decompression process using compression algorithms, yet experiencing no data loss. Data file size reduction technique. The decompressed file is identical in every way to the original file while not having high compression

LOWER EXPLOSIVE LIMIT (LEL)

A measure of a gas or vapor in air, given an ignition source, such as arc, flame, or heat, capable of producing a flash of fire. Lowest concentration as a percentage versus

LUSOPHONE COUNTRIES

Angola, Brazil, Cape Verde, Guinea-Bissau, Mozambique, Portugal, and SaoTome and Principe are countries where Portuguese is the common language.

LABOR LAWS

Labor laws first arrived as standards in the Industrial Revolution. Labor laws have two categories: collective and individual. Collective labor law covers union, employer and employee relationships. Individual labor law covers employees’

LANDED COST

Tally of purchase price, freight, insurance, and miscellaneous costs up to the port of destination. It typically includes shipment customs duties and tax levies. The total cost of a landed shipment.

LATENT DEFECT

Defect in an item found after the delivery of the item, discovered through the normal use of the item. This defect type is typically not found through normal inspection/investigation techniques. The defect

LAW OF EFFECT

Behavioral observation: behavior, regardless how varied, is chosen for the expected outcome, be it satisfying, painful, rewarding, or losing. Pleasant outcomes brings repeated behavior. Unpleasant outcomes are less likely to bring repeated

LAYOUT

Draft or final format, master plan, or blueprint of different graphic elements arrangement of a printed or published work. The element lay out include body copy, colors, headlines, illustrations, and scale). The

LEADER PRICING

Introducing a new brand or stimulating consumer interest in a product or family of products by selling selected products in a product family or assortment at less than their normal profit margins.

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