PART 416—TYPES OF CONTRACTS Authority: 5 U.S.C. 301 and 40 U.S.C. 486(c). Source: 89 FR 81015, Oct. 7, 2024, unless otherwise noted. Subpart 416.1—Selecting Contract Types 416.102 Policies. The contracting officer shall insert the clause at AGAR 452.204-70, Modification for Contract Closeout, in all solicitations and contracts that use other than cost reimbursement contract types. Subpart 416.2—Fixed-Price Contracts 416.203 Fixed-price contracts with economic price adjustment. 416.203-4 Contract clauses. An economic price adjustment clause based on cost indexes of labor or material may be used under the conditions listed in FAR 16.203-4(d) after HCA approval and consultation with the Office of the General Counsel (OGC). Subpart 416.6—Time-and-Materials, Labor-Hour, and Letter Contracts 416.603 Letter contracts. 416.603-2 Application. The HCA is authorized to extend the period for defining a letter contract required by FAR 16.603-2(c) in extreme cases where it is determined in writing that such action is in the best interest of the Government.