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The managed services contract focuses solely on support for a business, emphasizing service level agreements (SLAs) and risk management associated with asset performance. It is applicable when customers seek only support offerings. The SLA, typically detailed in the statement of work (SOW), defines service priorities and response times, complementing the main agreement. When designing a managed services contract, it is essential to include auto-renewal features to secure revenue over time and establish a locking period to prevent premature termination. This structure aims to enhance revenue stability while meeting customer support needs effectively.