ECHNOLOGY service agreements define the services to be provided, of course. Most go farther, and promise a specific level of performance and specific penalties if the promised level of services is not delivered (a service level agreement, or “SLA”).
Some SLAs are fairly standardized and are not negotiated, like a hosting service’s eye-catching promise to maintain a customer’s Web site at 99.99% availability (i.e., up all but half an hour a month), with a large credit for excess down time. In contrast, where services are customized and expensive, the SLA will be heavily negotiated, like the promise not to have more than two service outages exceeding 45 minutes per week, in a license to provide real-time transactional data from trading in derivative financial instruments.
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