Overseeing a managed IT services agreement is complex and multi-dimensional. Building an effective strategic function team is more than printing new business cards for a few managers from the IT delivery organization. The breadth and depth of capabilities required cannot come from a single individual or a single source. Nor can it be expected that a high-performing team will be fully in place on the effective date of the contract. However, understanding the full scope and challenges of overseeing a managed IT services agreement is a prerequisite to assembling the right players who will focus on the right issues of making it work.