As the name suggests, Azure SLA (Service Level Agreement) is a service contract stating that when you deploy two or more role instances of a service on Azure, access to that cloud service is available for at least 99.9% of the time. It also indicates that if the role instance is not functioning, it will identify and resolve that role instance 99.9% of the time.
Suppose any of the points mentioned above fail to satisfy at any moment. In that case, Azure will credit the concerned user a certain percentage of their monthly payments based on the pricing model of the Azure services in question.