The working portion of a cruise between ports. A long cruise may have many legs. The distance sailed on one tack. The course from one race mark to another.

Law Enforcement Information System

Lower explosive limit (lower flammable limit)

Lower explosive mixture

Measured from the most forward part of the fore end to the most after part of the after end of the hull.

Land Earth Station

Land Earth Station Operator

Also known as LTL or LCL.

The action of letting go the sheets of a sailing vessel, thus spilling the wind and reducing the forward motion of the boat.

A measure of air purity that is equal to one complete air change (in an interior space).

This is an irreversible guarantee given by the buyer's bank to pay a specific amount of money immediately or on a future date to the seller when he or she presents specific documents before a certain date and under the International Chamber of Commerce ru ...

A document, issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time. Some of the specific descriptions a ...

A new letter of credit issued to another beneficiary on the strength of a primary credit. The second L/C uses the first L/C as collateral for the bank. Used in a three-party transaction.

A letter of credit that requires the beneficiary to present only a draft or a receipt for specified funds before receiving payment.

An L/C guaranteed by both the issuing and advising banks of payment so long as seller's documents are in order, and the L/C terms are met. Only applied to irrevocable L/C's. The confirming bank assumes the credit risk of the issuing bank.

A letter of credit issued for the purchase and financing of merchandise, similar to acceptance-type letter of credit, except that it requires presentation of sight drafts payable on an installment basis.

An instrument that, once established, cannot be modified or cancelled without the agreement of all parties concerned.

A revolving letter of credit that prohibits the amount not used during the specific period from being available afterwards.

A condition within the letter of credit which restricts its negotiation to a named bank.

An instrument that can be modified or cancelled at any moment without notice to and agreement of the beneficiary, but customarily includes a clause in the credit to the effect that any draft negotiated by a bank prior to the receipt of a notice of revocat ...