IRREVOCABLE LETTER OF CREDIT - A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee.
JUST-IN-TIME INVENTORY SYSTEM - An inventory system that keeps production inventory to an absolute minimum.
LCL(Less-than-carload; also, Less-than-containerload) - A shipment that occupies less space than is available in a railcar or cargo-carrying container.