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The content delves deep into two key aspects of vendor management: contract negotiation and Service Level Agreements (SLAs). It offers valuable insights into the significance of clear contract terms and conditions and outlines the steps to negotiate them effectively, ensuring a beneficial working relationship with vendors. Additionally, the content underscores the role of SLAs in setting performance standards and expectations, along with guiding steps to craft detailed SLAs, manage vendor performance, and ensure the desired level of service.