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In this video on Service Level Agreements (SLAs), the presenter explains what an SLA is and outlines its key features and common issues in projects and operations. An SLA is defined as a document that specifies the services provided, the expected performance levels, consequences for not meeting those levels, and provisions for dispute resolution or performance monitoring. The discussion emphasizes the importance of performance metrics as a critical component of SLAs, highlighting their relevance to consumers, especially when using web services, and in professional settings.