Leg

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.

Category:Sea Words

Law Enforcement Information System

Category:Abbreviations

LEL

Lower explosive limit (lower flammable limit)

Category:Abbreviations

LEM

Lower explosive mixture

Category:Abbreviations

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

Category:Sea Words

LES

Land Earth Station

Category:Abbreviations

Land Earth Station Operator

Category:Abbreviations

Also known as LTL or LCL.

Category:Sea Words

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

Category:Sea Words

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

Category:Energy Terms

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 ...

Category:Financial Terms

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 ...

Category:Sea Words

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.

Category:Sea Words

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

Category:Sea Words

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.

Category:Sea Words

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.

Category:Sea Words

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

Category:Sea Words

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

Category:Sea Words

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

Category:Sea Words

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 ...

Category:Sea Words