The acronym "SLA" stands for Service Level Agreement. In IT services management, an SLA outlines the expected level of service between a service provider and its clients. It defines metrics for performance, response times, and availability, ensuring both parties have clear expectations. SLAs are crucial for measuring service quality and accountability, as they provide a framework for evaluating service delivery. In case of service failures, SLAs guide dispute resolution and can lead to financial penalties if commitments are not met, thereby enhancing trust and transparency in business relationships.