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

Category: L

LEAN SIX SIGMA

Intent to be lean and Six Sigma. Management problem solving and quality initiatives approach. Based on Six Sigma and Lean tools combined.

LEDGER CASH

In the revenue accounts of a company’s financial statements, list of liquid cash.

LEGAL SYSTEM

Jurisdiction’s basis of applying law consists of (1) A constitution, written or oral; (2) Primary legislation, statutes, and laws; authorized by constitutionally authorized legislative body; (3) Primary legislation authorized body enacts subsidiary

LENIENCY CLAUSE

Statement in promissory notes curbing default recovery, by lender agreement, if default occurs for reasons beyond the borrower’s control, for a stated period of time.

LETTER OF COLLECTION

Past-due customer prodding tool, urging the laggard to make a payment. Typically issued one after another. Tone and language get more direct (testy?) as additional letters go out, unless some money is

LETTER SECURITY

Securities sold directly by the issuer to a buyer. These must be unregistered stock or bonds, known as letter bonds. The buyer sends a signed letter of intent to the regulatory authorities

LEVEL PLAYING FIELD

All competitors follow the same rules to get equal opportunity to compete regardless of size or financial strength. Economic and legal environment.

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

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