The time that it would take a supplier to deliver goods after receipt of order.
Lead Time
Lease
A contract conveying from one entity to another the use of real or personal property for a designated period of time in return for payment or other consideration.
Less-Than-Truckload (LTL)
A freight classification meaning “Less than a Truckload” which describes the shipment of relatively small freight. Also known as LCL “Less than a Container Load”.
Lessee
One to whom a lease is granted.
Lessor
One who grants a lease.
Liability
In accounting, a loan, expense, or any other form of claim on the assets of an entity that must be paid or otherwise honored by that entity.
Licensee
A person given a license by a government entity or under private agreement.
Licensor
A person who gives another a license, particularly a private party doing so, such as a business giving someone a license to sell its product.
Life Income Funds
Gifts for investment with income payable to one or more beneficiaries during their lives. Upon the termination of life interests, the principal becomes available for Institute purposes, which may be designated by the donor.
Line Item
An item of supply or service specified in a solicitation for which the vendor must specify a separate price.
Liquidated Damages
A specific sum of money, agreed to as part of a contract to be paid by one party to the other in the event of a breach of contract in lieu of actual damages, unless otherwise provided by law.
List Price
The price of an article published in a catalog, advertisement or printed list from which discounts, if any, may be subtracted.
Loss Control
Methods of reducing the frequency (number of claims) and/or severity (extent/cost of each claim) of losses, including exposure avoidance, and loss prevention/reduction systems and programs.
Loss Payee
On a property policy, parties (leased property, equipment, bailment, builder’s risk) with a financial interest may be added to protect their financial interest in the property insured.