Final answer:
A Service-level agreement (SLA) is a formal document that defines the service expectations between a service provider and a client, including performance metrics, responsibilities, and consequences for not meeting the service levels.
Step-by-step explanation:
The part of a service contract where the service expectations are formally defined is known as a Service-level agreement (SLA). An SLA is a crucial component in the provision of services between a service provider and a client. It details the metrics by which the service is measured, the responsibilities of the service provider, and the expectations that the client holds. These agreements serve to set clear, measurable guidelines that help ensure a mutual understanding of services, priorities, responsibilities, guarantees, and warranties.
When drafting an SLA, it is vital to include specific performance metrics such as uptime percentages, response times for service requests, and the process for reporting and resolving issues. Both parties should agree on the consequences of not meeting the agreed-upon service levels to ensure a commitment to quality and reliability.