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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.
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Lessor
The party who owns the property in
question and grants the lease.
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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.
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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.
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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.
