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The proposed work gives novel technique to exploit the cloud for the purpose of qualitative improvement in services being rendered. In this context a service level agreement is executed between the service provider and the user incorporating stipulations regarding terms & conditions relevant with the transactions. Agreement envisages the provisioning of services to the users at the appointed time and charges commensurate with the market scenario. Besides the interests of the service providers are equally watched upon by allowing negotiations and settlements at par with prevailing market trends, thus ensuring benefits to both the service providers and the users. The scheduler algorithm allows re-provisioning of resources on the cloud in the event of failures. The focus of the model is to provide fair deal to the users and consumers, enhanced quality of service as well as generation of optimal revenue.