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A managed services contract is primarily focused on support, covering key aspects such as service level agreements (SLAs) and risk management related to asset failures under SLAs. This type of contract is utilized when clients seek only support services. SLAs should be detailed in the statement of work (SOW) and align with the main agreement, emphasizing response times and priorities. It's essential to structure managed services contracts to allow for auto-renewal to secure ongoing revenue. Pricing should include a locking period to prevent contract termination, ensuring stability for the service provider.