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

LOCAL MARKET

Place to purchase locally produce goods and services. Knowing who will buy the product, where they are located and how far they will travel to obtain the product is essential for this

LOCK-BOX SYSTEM

In the event the business property is destroyed or theft is attempted, this is an area where important documents are stored safely.

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

LOAN ORIGINATION FEE

For making a mortgage loan, the lender charges a fee to the borrower. Typically a percentage of the loan principal.

LOCKOUT PERIOD

When a swaps principal cannot be increased or decreased no matter what the interest does.

LODGING

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

LOCUS OF CONTROL

Amount of control an entity believes it exerts over current and anticipated circumstances, as well as expected responses as behavior toward these circumstances.

LOG FILE

Program-controlled computer file specifically for the posting of a program’s events. Serves as an audit trail, diagnostic tool or security measure. User access or data manipulation are typical items logged.

LOG DATE

Made while logging activities in a log book, this is the specific calendar date and/or time that the entry was posted.

LOCKOUT

Employment action. An entity stops or withholds work. The work force is not allowed on entity property during this condition. It is a reverse strike by entity management, intended to compel an

LOGARITHMIC SCALE

Measure of unit increase or decrease that is actually a tenfold increase or decrease in the quantity measured. For example, a pH reading of 5 pH indicates 10 times the acidity of

LOGISTICS CHANNEL

Receiving, handling, storage, transportation, and communications functions as the focus of all networked participants in a supply chain.

LOGISTICS CHAIN

In a particular environment or industry, these are all successive steps comprising a logistic process.

LOGNORMAL DISTRIBUTION

A report where asset prices distribution is calculated using a random variable to show how the market can change. Refer to normal distribution.

LOG-LINEAR LEAST-SQUARES METHOD

Statistical estimation technique for straight-line, linear relationships between two or more variables. A dependent variable is influenced by one or more independent variables in this case. The data values, converted to their

LOGGING

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

LOCK-IN PERIOD

1. To generate a certain minimum return on the monies loaned, to cover the lender’s marketing and loan administration expenses, this is a period when loan full-payoff is not allowed without penalties,

LINEAR FUNCTION

A mathematical equation with only one independent variable, whose solution graph plots a straight line, expressed mathematically as (y = a + bx). Also known as linear equation.

Topic Archives:

Disclaimer

This site contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.