All services provided to a client after he has reached a destination, but not including ongoing transportation by public carrier.
Legal Terms
Land Arrangements
Land Only
Transportation to or airfare is not included.
Layover
Time and place for changing planes, trains or other transportation specifics.
Lead Time
The advance time or length of time between an announcement or initiation of an event and the actual event.
Lee or Leeward
The direction away from the wind.
Leg
That portion of travel between stops.
Leisure Travel
Vacation travel or travel other than for business purposes.
Letter of Agreement
A letter from a customer of a hotel or other supplier accepting a proposal. Letters of agreement may be in the form of the supplier's proposal that has been initiated by the customer. This document does not become legally enforceable unless it is signed by both parties, or both parties have exchanged letters.
Letter of Credit
Written document issued by a financial institution allowing the person named to withdraw a certain amount of money.
Letter of Intent
A signed statement often required by a seller from a potential buyer of a travel agency or other business setting forth the intent of the buyer in examining proprietary information of the seller and reciting that such information shall remain strictly confidential and not be divulged under any circumstances to third parties.
Libel
An untrue written statement that harms the reputation of another.
Lido Deck
Area around the swimming pool, as on a ship, the deck containing the swimming pool.
Limited Liability Company (LLC)
Like a corporation the LLC, offers its owners the advantage of limited personal liability, but it also offers a choice of how the business will be taxed. The LLC can be taxed as a separate entity, similar to a corporation, or like a partnership where profits are passed through to partners and taxed on their personal income tax returns. The LLC is a fairly new and flexible business ownership structure and is popular with small businesses.
Limited Liability Partnership (LLP)
A type of partnership that protects a partner from personal liability for negligent acts committed by other partners or by employees not under his or her direct control. Although this type of partnership is recognized in a majority of states, it is normally restricted to lawyers, accountants, architects, healthcare providers, and other professionals.
Limited Partnership
A partnership consisting of general partners and limited partners. The general partners manage and direct the affairs of the partnership and are fully liable to third parties. Limited partners legally may not actively manage or direct the affairs of the partnership, but in exchange their liability is limited to the amount of their investment in the limited partnership.
Load Factor
Percentage of carrier capacity sold out of the available.
Low Season
Time periods when fares and passenger traffic are not high.
Loan
An award of money which is made under a programme of financial assistance.
Licence
A certificate, qualification or grade issued by a competent regulatory authority.
