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A Service Level Agreement (SLA) is a written contract that outlines the minimum service level required from a service provider. It includes mechanisms to measure the provider's performance, often referred to as SLAs or KPIs (Key Performance Indicators). While SLAs define the minimum service standards and actions to take if these are not met, including potential monetary compensation for the client, KPIs measure performance against specific targets. SLAs are monitored regularly to track performance and implement corrective actions when necessary. For more information on KPIs, there is an additional video available on the channel.