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

LOAD

1. Force exerted overall on a structure or a body. 2. Expected amount of production from a producer. Allotted work to an individual, group, machine, or system. 3. A piece of equipment,

LLOYD’S ASSOCIATION

Lloyd’s of London is copied by an organized group. It is not affiliated with Lloyd’s. Only responsible for the risk portion they choose to insure, unrelated entities congregate to collectively provide coverage.

LOAD FACTOR

1. Time-bound ratio of average energy demand versus maximum demand peak load. 2. Ratio of demonstrated machine capacity as a work center, or as a system versus service availability versus utilization. 3.

LOAD SHIFTING

Moving demand from daily peak hours to off-peak hours. A load management technique.

LOADING BAY

The point where warehouse meets the outside world; where goods are loaded on/off a vehicle. A warehouse area.

LOADING

Built in to the insurance cost, this amount covers insurer operating cost, periodic insurer’s losses higher than anticipated, and interest earned from the insurer’s investments. The amount required to only cover losses

LOCAL AREA NETWORK (LAN)

Two commercially and industry known major LAN standards are Ethernet and Token Ring. data communication system user-owned. user-operated. Either a short-distance cable and/or wireless-based device connection. Interconnects one or more servers with

LOCKED MARKET

Where bid price equals the asked price as a temporary situation.

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.

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-UP OPTION

When a company allows a white knight to purchase its most valuable assets to prevent a hostile takeover.

LIVING TRUST

Revocable trust as an estate planning device, built on property transfer or gift to one or more beneficiaries from its living trustor. It is not a way to stave off creditors from

LODGING

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

LOCKOUT AGREEMENT

An arrangement allowing a chosen, earnest buyer time to complete its purchase free of pressure from competition. Seller’s and buyer’s written or oral contract requiring that the seller not seek or accept

LOG DATE

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

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.

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

LINE MANAGER

A revenue-generating department’s head manager accountable for policy making, target setting, decision making leading to successfully meeting an organization’s main objectives.

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