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Glossary J-L

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

K.D. (knocked down) - An abbreviation meaning the article designed is supplied unassembled. Assembly is the responsibility of the ordering department.

LDI - Luminus Data Interchange (this is how CruzBuy information passes to and from BANNER)
 
lease - A contract between the University (lessee) and a Supplier (lessor) that contains the essential terms and conditions for the use - not purchase - of property in exchange for scheduled payments of a specific amount over a specified term. Title does not pass form the lessor to the lessee. Property/equipment is returned to the Supplier (lessor) at the end of the term of the contract.
 
lease commencement date - The date upon which the lease commences and the obligations of the parties begin.
 
lease with no purchase option - A lease that does not include an option to purchase the equipment for a specified amount upon termination of the lease. Title remains with the lessor. No principle or interest components apply to payments.
 
lease with purchase option - A lease which includes an option to purchase the equipment for a specified amount upon termination of the lease. If this option is exercised, title then transfers to the University. Payments include principle and interest components. This is NOT the same type of contract as a Lease- Purchase (installment purchase).
 
legacy system - Those systems in existence and either deployed or under development at the start of a modernization program. All legacy systems will be affected by modernization to a greater or lesser extent. Some systems will become transition systems before they are retired. Other systems will simply be retired as their functions are assumed by modernization systems. Still others will be abandoned when they become obsolete. [Treasury Enterprise Architecture Framework]
 
life cycle cost - The overall estimated cost for a particular program alternative over the time period corresponding to the life of the program, including direct and indirect initial costs plus any periodic or continuing costs for operation and maintenance.
 
life cycle costing - The total cost of ownership, including acquiring, operating, maintaining, supporting, and (if applicable) disposing of an item

limits of insurance - Maximum amount for which an insurer maybe liable for any loss, as set forth in the policy.

• aggregate limit: In liability insurance, maximum amount of coverage that an insurer will pay for all losses during a specific period of time, usually the contract period, no matter how many separate accidents may occur.
• per accident limit: In liability insurance, maximum amount the insurer will pay for claims growing out of a particular accident, regardless of the number of persons injured or property interests damaged.
• per person limit: In liability insurance, maximum amount the insurer will pay for bodily injury to any one person in any one accident.
• single limit: In liability insurance, overall maximum on the insurer's liability for all types of bodily injury, property damage, or personal injury claims growing out of one accident, regardless of the number of persons suffering injury. Compare with split limit.
• split limit: In liability insurance, separate limits of liability for bodily injury and property damage claims. Many split-limit liability policies contain three separate limits for (1) bodily injury to each insured person, (2) bodily injury to two or more persons injured in the same accident, and (3) property damage per accident. Contrast with single limit.

liquidated damages - A specific sum stated in the contract to be paid by the party who is in default, or who breaches the contract, to the other party in settlement for damages.

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Last revised: January 15, 2007 (am)