1.Defined quantity of a thing used as a unit of inventory, output, sale, sampling, or transportation. Items in a lot are of a single class, composition, model, size, type, or version, are produced under essentially the same conditions, and are intended to have uniform quality and characteristics within specified limits. A lot is ordered, sold, released, or delivered in its entirety. An exact lot is called a round lot, any quantity more or less than a lot is called an odd lot. Also called batch.
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