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Legacy Costs
Ongoing contractual financial
obligations incurred by a business, such as
retiree benefits and insurance.
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Legacy System
Outdated, sometimes archaic,
information technology systems in use well
beyond the availability of newer systems.
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Legal Barrier
The limiting effect that an existing
ordinance, statue, or law may have on an
entity's decision-, or the lack of such an
ordinance, statute, or law.
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Legal Notice
A public notice required by law,
ordinance, or executive order. Generally
placed in a newspaper of general circulation,
or posted on a website, magazine, or other
media, depending on the specific legal
requirements.
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Legality of Purpose
One of the six elements of a
valid, enforceable contact that states the
object of, or reason for, a contract must be
legal.
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Legally Flawed
A document or situation that
contains terms or conditions that are contrary
to law and may thus make an award
impossible.
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Legislative Law
A source of public procurement
law that may include written constitutions,
statutes, ordinances, and charters.
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Less-Than-Carload (LTC)
1. A quantity of freight that is not sufficient to
constitute a full carload.
2. A freight rate that is usually higher than the
rate for a full carload.
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Less-Than-Truckload (LTL)
A quantity of freight
less than the amount necessary to constitute
a full truckload.
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Lessee
The party to whom a lease is granted.