Service level agreement (SLA) is a contract between a provider and a customer. This document contains a list of services that the client can count on in the course of cooperation. The agreements are different; there is no specific pattern. The content depends on the kind of service offered. A contract may include various sections and clauses. But it must contain fundamental elements that determine the structure of the cooperation.
List of services to be provided by the contractor:
- Criteria for assessing the quality of work
- Work schedule
- Separation of responsibilities of the parties
- Compliance issues
- Performance monitoring and reporting mechanisms
- Payment procedure and principles
- Dispute resolution procedures
- Categories of confidential data not subject to disclosure
- Termination clause.
Explore the Data Room Provider’s SLA
If an SLA is a base for cooperation with a virtual data room supplier, you provide yourself with technical support and quality service. That way, you know what services your team can use and when certain features are available. There should be information on the mechanism of action in the event of a malfunction or force majeure. A mandatory item is a description of the provider’s responsibility in case of deviation from the prescribed rules. Indeed, the duration of this agreement must also be spelled out.
The most effective and transparent SLA agreements contain not abstract positions of the parties. It also includes specific requirements, indicators, and metrics that relate to business and actual working conditions. A properly drafted agreement combines a service assessment methodology, segregation of responsibilities, and financial compensation for work performed.
That is not a formality or insurance against mistakes. With a competent approach, SLA becomes the factor that contributes to increasing transparency and efficiency. These are the things that matter to you as a virtual data room user.
Tip: limit the agreement to those parameters that are relevant to you. Characteristics that are difficult to define make the relationship between the customer and the VDR provider more complicated.