Section 732.406-73 - LOC contract clause(a) If payment is to be provided by LOC, the contract must contain the clause in 752.232-70.(b) Contracting officers must ensure that an appropriate (48 CFR) FAR payment clause is also inserted in the contract, in the event that the LOC is revoked pursuant to 732.406-74. 79 FR 74995 , Dec. 16, 2014