Nautical Term: LS (or LUMPS)

Definition of LS (or LUMPS)

LS, also known as lumpsum, is a term used in navigation to refer to a payment or compensation made in a single, large sum, rather than in smaller installments over time. For example, in a maritime insurance claim, a lumpsum payment might be made to the insured party to cover all losses and damages incurred during the incident.

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