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A managed services contract serves as a support contract focusing on the support area of a business. Key elements include service level agreements (SLAs) that help manage risks associated with asset performance and response times. These contracts are utilized when a customer seeks only support services. SLAs are detailed in the statement of work (SOW) and complement the main agreement, emphasizing priorities and response times. The design of managed services contracts includes auto-renewal to secure revenue, with pricing structured to include a locking period that prevents termination, ensuring stability for the service provider.