What happens when a Azure SLA is not met?

From the Azure ExpressRoute SLA -

If we do not achieve and maintain the Service Levels for each Service as described in this SLA, then you may be eligible for a credit towards a portion of your monthly service fees.

Among other limitations, the SLA and any applicable Service Levels do not apply to any performance or availability issues arising from -

"your failure to adhere to any required configurations, use supported platforms, follow any policies for acceptable use, or your use of the Service in a manner inconsistent with the features and functionality of the Service (for example, attempts to perform operations that are not supported) or inconsistent with our published guidance;"

The responsibility to monitor service levels and report outages remains wholly on the customer (something many cloud customers may want to try to avoid).  

"Service Credits are your sole and exclusive remedy for any performance or availability issues for any Service under the Agreement and this SLA."

The Service Credit varies according to Azure Service and the monthly uptime percentage that was offered.

The SLA for all of Microsoft’s Online Services changes periodically. The latest & archived copies (from 2008 onwards) are available for downloading

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