What is a Service Level Agreement (SLA) in facilities management and what are its key elements?

• A. An SLA is a budget model for capital projects.
• B. An SLA formalizes expected service levels, response times, performance metrics, reporting, and remedies for non-performance.
• C. An SLA is a safety regulation requiring hazard assessments.
• D. An SLA is a maintenance checklist.

Answer: (B)