Use of Service Level Agreements (SLAs) is crucial for a business organization to provide the value added goods and services to customers to achieve the business goals successfully. Efficient structural representation and management of SLAs can solve the problems of quality of service evaluation during service development and deployment. Existing specifications and structures for SLAs do not fully formalize and support for different automatic and dynamic behavioural aspects needed within the Business Organizations for SLAs. We address the issues on how to formalize and document the structures of SLAs for better utilization and improved results in various business domains. Our main focus is on the contents and processes of SLAs during service discovery, service delivery and scheduling of the services effectively and efficiently.