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A managed services contract focuses exclusively on support aspects of a business, emphasizing critical components such as service level agreements (SLAs) and risk management. These contracts are ideal when a customer seeks only support services. SLAs, detailed in the statement of work (SOW), outline priorities and response times, working alongside the main agreement. The design of these contracts typically includes auto-renewal clauses to secure long-term revenue, with a pricing structure that incorporates a lock-in period to prevent termination by the customer.