Nowadays, service trading over the Web is gaining momentum. In this highly dynamic scenario, both providers and consumers need to formalize their contractual and legal relationship, creating service level agreements. Although there exist some proposals that provide models to describe that relationship, they usually only cover technical aspects, not providing explicit semantics to the agreement terms. Furthermore, these models cannot be effectively shared on the Web, since they do not actually follow Web principles. These drawbacks hamper take-up and automatic analysis. In this article, we introduce Linked USDL Agreement, a semantic model to specify, manage and share service level agreement descriptions on the Web. This model is part of the Linked USDL family of ontologies that can describe not only technical but also business related aspects of services, incorporating Web principles. We validate our proposal by describing agreements in computational and non-computational scenarios, namely cloud computing and business process outsourcing services. Moreover, we evaluate the actual coverage and expressiveness of Linked USDL Agreement comparing it with existing models. In order to foster its adoption and effectively manage the service level agreement lifecycle, we present an implemented tool that supports creation, automatic analysis, and publication on the Web of agreement descriptions.