What is a service level agreement (SLA)?

A service level agreement (SLA) is a commitment between a service provider and a client, either in a legally binding or informal contract, which contains well-defined components such as the type of service to be provided; the customer’s desired performance levels and goals; supervision and monitoring of reporting; and response and resolution timeframes. SLAs usually contain numerous performance metrics with corresponding service-level objectives, which are tracked and shared with the customer to ensure that services are being provided as agreed upon. (See Lender Onboarding Process Lays Foundation for Customer Success)