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L Dictionary Terms

Laborer
A person hired by the van operator or agent to assist in the loading and unloading of goods.
Landbridge, Full
Carriage from one foreign port to another foreign port, passing across the entire U.S. via rail or truck. For example, vessel carriage from a foreign country into New York, rail or truck carriage to the West Coast, and vessel again to a foreign destination port.
Landbridge, Micro
A movement on a single bill of lading between an inland point in the U.S. and a foreign port. For example, St. Louis by rail to Baltimore, then vessel carriage to a foreign port.
Landbridge, Mini
A movement on a single bill of lading between a U.S. port and a foreign port, but moving through a different U.S. port. For example, Los Angeles to Houston via rail, then vessel carriage to a foreign destination port.
Land Contract
A contract agreement in which the seller retains title to a sold property, but gives the property to the buyer so long as the buyer does not default on the terms of the contract.
Landed Value
Value of goods upon arrival at destination, including the cost or value of the goods themselves, plus all costs incurred for packaging, packing, containerization, freight charges, transportation, insurance charge and handling, through to the destination.
Land Transfer Tax
A state tax on the transfer of land. It is used to determine the land's fair market value.
Last Receiving
A deadline date and time specified by a carrier by which cargo must be received at a designated location so that such cargo can be boarded on a particular vessel, aircraft, truck or railcar.
Late Charge
A fee charged to the borrower if mortgage payments are received late, or by a customer if a shipment is not picked up or delivered within the specified dates.
Late Delivery
Delivery of goods to the destination after the agreed delivery dates.
LB (Abbr)
Pound.
LD (Abbr)
Load.
L/D (Abbr)
Loss and Damage claim.
Lease
A contract transferring the right to occupy exclusive possession of a property for rent.
Lease Cancellation Penalty
A fee charged to a tenant if he or she breaks the lease before the end of the lease.
Leasehold
A personal property interest a tenant has in property during the term of a lease.
Legal Description
A property description that identifies the location of the property from government surveys and maps, not street address.
Lender
The firm lending money to a borrower in a loan transaction. Also called Mortgagee.
Lender's Inspection Fee
A charge for inspections made by the lender.
Lender's Title Insurance
A title policy protecting the lender against loss due to problems with a title. Usually written for the amount of the loan and paid by the buyer through a onetime premium.
Lessee
A person who rents property under a lease. A tenant.
Lessee Interest
The interest a lessee has in a property if the agreed rent is less than the economic rent.
Lessor
A person who rents property to another. A landlord.
Less-Than-Containerload (LCL)
When goods shipped by a carrier, normally a steamship, are placed into a common container with other cargo or loose into the holds of the vessel. Less-Than-Carload applies to rail transport.
Less-Than-Truckload (LTL)
When goods shipped by a carrier share a trailer with other customers' cargo. Also used applicable to rates based on such individual cargo as opposed to full utilization of a trailer.
Letter of Indemnity
A document used to obtain release of cargo from a steamship line without the original ocean bill of lading.
Letter of Authority
A letter authorizing Atlas to move an employee, assuring that the commercial account will pay for the move if no purchase order or order for service is used.
Letter of Credit
An agreement by a bank guaranteeing the bank will honor a customer's drafts or payments.
Leverage
The ability to control a large amount of real estate with a little amount of money.
Levy
The process of imposing a tax upon a person or property.
Liability
See Carrier Liability.
Liability Insurance
Insurance to cover property damage and/or bodily injury to someone else.
Lien
A charge a person has on the property of another to secure a debt. For example, a lien can be placed on a property by the government if the taxes were not paid.
Lighter Aboard Ship (LASH)
A vessel that carries floating barges aboard an oceangoing vessel, normally termed the mother vessel. Cargo is loaded onto the barges at a dock or pier facility at the port and then the barges are towed on the mother vessel at anchor in the harbor.
Lighterman
Transports goods on a barge or other water conveyance to/from a vessel within a port or by the same means between two points within the port.
Limited Partnership
A partnership of one or more people who are fully liable and one or more people who are liable only for the amount they have invested.
Linehaul (LH)
The transportation revenues on a shipment.
Linehaul Discount Program (LHD)
A program that applies to residential and national account, household goods shipments moving within the U.S. (except for Hawaii) or to or from Canada. Under this pricing option, the charges are based on actual weight and actual rates less than linehaul discount.
Linehaul Protection Program (LHP)
A program that applies to residential and national account, household goods shipments moving within the U.S. (except for Hawaii) or to or from Canada. Under this pricing option, the customer is given a binding price or a specific linehaul discount based on the actual weight and actual services, whichever is less.
Line Item
A single commodity or article classification as listed on a U.S. Customs Service entry under a single tariff schedule classification number. Each different item on the entry such as a different tariff schedule classification is termed a line item. Customhouse brokers will assess a fee for each line item required on an entry.
Listing
A contract between a seller and a broker authorizing the agent to secure the sales of a property.
Living Allowance
See Allowance, Cost-of-Living Allowance, and Goods and Services Differential.
Load Date
The date on which the shipment is actually picked up.
Load Spread
Agreed pick-up dates.
Loan
Money borrowed to be repaid with interest.
Loan Origination Fee
A one-time charge for processing a loan, usually a percentage of the loan amount.
Loan Qualification
The criteria a borrower must meet to ensure his or her ability to make payments on the loan.
Loan Submission
Documents on a property that are used in the review and consideration of a mortgage application.
Loan-to-Value Ratio (LTV)
The ratio of a mortgage's principal to the property's appraised value or sales price, expressed as a percentage.
Local Move
A move within a particular geographical area like a town or district instead of a state or country.
Local Rates
Varying rates charged by a carrier based within a local area.
Lockbox
System to expedite cash receipts from national account customers. All account invoices should direct payment to one of the two lockbox addresses based on the account's zip code.
Lock-In Rate
A fixed interest rate on a mortgage that is set for the buyer to take advantage of during a specified time period.
Log Book
A daily record of the hours worked and the route traveled by a van operator.
Long Carry
Carrying goods the distance from the van to the outside entrance of a home or inside entrance of an apartment in excess of 75 feet. Each 50 feet after, or fraction thereof, is chargeable. See Elevator, Stair Carry and Long Carry Charge.
Long Distance
A shipment that cannot be serviced in one day because of the distance of the move.
Loose Stow
Individual pieces or cartons loaded directly into a steamship or air container for transport, as opposed to the articles being containerized.
Lumper
A person hired by the van operator or agent to assist in the loading and unloading of goods.
Lump Sum Value
Declaring a specific amount of valuation in excess of $1.25 per pound times the weight of a shipment. See Declared Value Protection.
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