What is a service level agreement (SLA)?

A service level agreement (SLA) is a formalized contract that outlines the expected level of service between two parties, typically a service provider and a client. It defines various metrics such as service availability, response times, and quality standards that need to be maintained. An SLA serves as a framework to ensure that both parties have clear expectations and responsibilities regarding service delivery, which is essential for maintaining a productive business relationship.

By establishing measurable criteria, SLAs help ensure accountability and create a basis for recourse in case the service levels fall short of agreed standards. This document is crucial in contractor management as it provides a legal and operational reference point regarding the services to be rendered.

The other options represent different types of documents and do not capture the specific purpose or elements of an SLA. Project summaries focus on overall goals and timelines, financial documents address monetary aspects of agreements, and performance guidelines are more general and do not relate directly to service expectations between parties.