Cloud computing is an environment where everything is provided as a service based on demand. It follows pay as per the used model in which the service consumer needs to pay for what they have consumed. Due to the increased dependence on digitalization, the number of consumers and providers tends to grow tremendously. The consumer who needs the service from the provider is not sure about the specified service outcome, and it is too hard for them to monitor and manage the service. Hence, a trusted third party called a trusted cloud broker (TCB) is introduced for managing the services. The service level agreements (SLA) management and reputation estimation framework is proposed, which includes three phases such as (i) SLA establishment between the three parties, (ii) violation detection by comparing the observed value of the TCB and (iii) the reputation and penalty estimation of the service. The novel TCB is created to monitor the deployed services, ensuring the achievement of SLA. The TCB observes the values and estimates the reputation value for each service. It is compared with the provider log-based reputation value and found that the proposed model provides a more precise reputation value for the service providers.