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In this video tutorial on Service Level Agreements (SLAs), the presenter explains what an SLA is and discusses its key features and common issues encountered during implementation in projects and operations. An SLA is defined as a document outlining the services provided, the expected performance levels, consequences for unmet performance, and provisions for dispute resolution and performance monitoring. The emphasis is placed on the importance of clearly defined performance metrics within SLAs, which are relevant for both consumers using web services and professionals involved in operational agreements.