Letter of indemnity. The short duration, of tanker voyages and the tanker trade frequently causes the cargo to be sold many times before final delivery, while the ship is still at sea.

Life salvage. Under English law a salvage award was not recognised for life salvage because there was no saved object, which could establish a fund out of which the award could be made.

Load lines. The deck line and load lines, laid down in Load Line Rules, are marked on the ship’s side as follows.

Load on Top. In the TANKERVOY 87 voyage charterparty the "Load On Top" system and procedure is briefly described in the clauses dealing with disposal of residues after cleaning tanks.

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.

 

Liner agent. In liner services, the carrier is very much like a public carrier and marketing becomes important to obtain cargo that will generate freight revenue.

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.

Laycan. This is an abbreviation for the "Laydays and Cancelling" clause in a charterparty.

Limitation of liability. To be in the business of carrying goods by sea can cause a person to become liable to pay compensation to the owners of cargo if the cargo is lost or damaged during carriage.

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.

Lashing expenses. Some cargo on a voyage-chartered ship may have to be secured. A clause in the charterparty should, clearly state which side is to be responsible for the expenses of such securing.

 

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