What are service agreements and maintenance contracts?

A service agreement, also known as a service level agreement, is an ​agreement between a ​company and a ​customer, ​regulating the company’s obligation to ​check and ​repair (maintain)​ equipment or deliver another service for an ​agreed ​price during a ​fixed ​period of ​time, at a specified level.

Much the same as a service agreement, a maintenance contracts are agreements under which a service provider agrees to perform maintenance services to the benefit of a consumer., usually on equipment the provider sold to the customer, i.e. a stove or fridge.