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Does the contract between Paperbark Ltd and the manufacturer

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Question - Paperbark Ltd enters into a contract with a manufacturer to purchase a particular type, quality and quantity of shirts for a three-year period. The type, quality and quantity of shirts are specified in the contract. The manufacturer has only one factory that can meet the needs of Paperbark Ltd. The manufacturer is unable to supply the shirts from another factory or source the shirts from a third-party supplier. The capacity of the manufacturer's factory substantially exceeds the output for which Paperbark Ltd has contracted. The manufacturer makes all decisions about the operations of the factory, including the production level at which to run the factory and which customers' contracts to fulfil with the output of the factory that is not used to fulfil Paperbark Ltd's contract.

Required - Does the contract between Paperbark Ltd and the manufacturer contain a lease in accordance with the provisions of AASB 16 'Leases'? Explain your answer.

Reference no: EM133050138

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