The Cloud computing paradigm has brought about an unprecedented opportunity for both private and public sector IT organizations. Among those, to reduce computing costs and complexity, while increasing efficiency and improving the delivery of key technology services throughout an enterprise. In order to maximize the benefits and minimize the risk of computing in the Cloud, organizations must be vigilant about negotiating effective service level agreements with Cloud solution providers. In this report, Peter Vogel, partner and chair of the Computer Technology Practice Group, at the law firm of Gardere Wynne Sewell LLP, offers advice and best practices to help IT and business leaders craft well designed SLAs that will enable their organizations to realize the true benefits of computing in the Cloud.