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A managed services contract is a support contract focused on the support area of a business. Key elements include service level agreements (SLAs) and risk management related to asset performance under those SLAs. Such contracts are relevant when a customer seeks only support offerings. SLAs, typically included in the statement of work (SOW), outline priorities and response times, complementing the main agreement. Designing managed services contracts often involves auto-renewal to secure revenue, incorporating a locking period to prevent termination. This structure ensures the business can maintain consistent support and service delivery while safeguarding revenue.