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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.
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Liability
An obligation not yet completed or paid
for that one party owes to another.
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License
A legal instrument that permits or grants
permission to do something.
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Lien
The claim on property that acts as security
until a debt is paid.
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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.
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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.
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Life Expectancy
The number of years during
which an asset is expected to remain in
active use.
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LIFO
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Limitation of Cost
A provision that limits the total
costs for which a contractor can be
reimbursed under the terms of a costreimbursement
contract.
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Limited Warranty
A written guarantee with
respect to a product or service that
specifically restricts the conditions under
which that guarantee will be honored.
