A Lease is “an agreement whereby the lessor (landlord) conveys to the lessee (UNDP) in return for a payment or series of payments the right to use an asset for an agreed period of time”.
The difference between current assets and current liabilities. In the specific context of UNDP, this shall normally be taken to mean the sum of working capital and reserves.
An Operating Lease is a lease other than a Finance Lease. For office space, a Lease that has been formulated and agreed following UNDP’s Standard Lease Template will be an Operating Lease.