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SLA
A long-time standard in the world of enterprise IT, SLAs (Service Level Agreements) are a set of service parameters within which a solution is guaranteed to perform. In the world of the web, for example, it might define service uptime or server response time. Whatever parameters are important to the purchasing business can be defined in an SLA.

A failure by the supplier to meet the terms of that SLA can be counted as breach of contract and punishable by financial penalties. SLA's are the part of a service contract where the level of service is formally defined, in order to guarantee quality of the promised service.