10 Truths of SLAs for IT Organization

When I am Searching for a Freelance testing project in google, I came across a site where the project provider mentioned that I need to adhere to SLAs.I know about it but still the point he mentioned is : "As I am not IT savvy, you must adhere to standard SLAs,and if find ,your payments will be stopped.Now I digged out more into SLAs and lists out the key points here.
1.SLAs are a highly useful communication vehicle.
2. SLAs outline services provided, performance levels, and legal ramifications. According to the ASP Industry Consortium’s “Buyers Guide to Service Level Agreements,” Information that should be contained in an SLA includes the purpose of the SLA, description of service, duration of service, installation timetable, payment terms, termination conditions, and legal issues such as warranties, indemnities, and limitation of liability.
3. Business goals are always detailed in the SLA.
4. Performance levels drive pricing.
5. SLAs are always customized to the particular purpose.
6. Metrics are always outlined for service performance.
7. The supplier of the services is not the only (and should not be the only) party responsible for monitoring compliance.
8. The consumer and the supplier of a service are jointly responsible for the terms of the SLA.
9. An SLA is not a guarantee of service. However, nothing should be agreed upon unless it is determined to be a commercially reasonable and viable objective.
10. Remediation, revision, and renegotiation are always options.