-
Lessor
The party who owns the property in
question and grants the lease.
-
Letter Contract
1. Typically, a quickly crafted document in which
exigency requires an immediate binding
agreement so work can begin, but time does
not permit the development of a definitive
contract.
2. An interim contractual agreement.
-
Letter of Credit
A document from a bank that
guarantees payment to a seller, a form of
credit insurance when a buyer’s payment
ability is not certain. Similar to escrow, banks
release funds when buyer and seller
conditions are fulfilled. Most often seen in
international trade.
-
Letter of Intent (LOI)
A document stating the
preliminary commitment of one party to do
business with another party and outlines the
main terms of the prospective deal.
-
Level-of-Effort (LOE) Contract
A type of contract
that includes required support-type activity
(normally the repetition of small amounts of
work) that can be stated only in general terms
but is necessary for the delivery of the
statement of work.
-
Liability
An obligation not yet completed or paid
for that one party owes to another.
-
License
A legal instrument that permits or grants
permission to do something.
-
Lien
The claim on property that acts as security
until a debt is paid.
-
Life Cycle Cost (LCC)
1. The total cost of ownership over the lifespan
of the asset.
2. An analysis technique that takes into account
operating, maintenance, the time value of
money, disposal, and other associated costs
of ownership as well as the residual value of
the item.
-
Life Cycle Management
Term that includes the
four phases of procurement (planning,
procurement, in-life-use, and disposal) as well
as the associated costs of owning an asset.
