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In this video on Service Level Agreements (SLAs), the presenter explains what an SLA is and highlights its key features and common implementation issues in projects or operations. An SLA is defined as a document that specifies the services being provided, the expected performance levels, and the consequences for not meeting those standards. Additionally, it includes provisions for dispute resolution and performance monitoring. The discussion emphasizes the importance of performance as a central component of SLAs, indicating that viewers likely have encountered SLAs in both consumer web services and their professional roles.