Length between perpendiculars (LBP). The length between perpendiculars is the length between the foreside of the stem and the afterside of the rudder post at the vessel’s summer loadline. In a ship without a rudder post, the after perpendicular is the centreline of the rudder stock.
Lien clause. This is generally connected with the "Lesser clause" in a charterparty. The shipowner is given a possessory lien either by the common law or by express agreement (e.g. in the "Lien and Lesser" clause) on the cargo earned.
Loyalty contract. This is a contract by which a carrier or a conference offers a shipper a lower than normal advertised freight rate if the shipper undertakes to use the carrier’s or conference’s services exclusively.