What is so great about 99.9% uptime?

There is a lot of talk about Uptime Guarantees and some hosts have that 100% Guarantee on their sites, but how are the things in reality? Is it possible to prove that this guarantee has been violated and get refund?

There are many monitoring services, that check your site every 5 minutes or so. Signup with one of them for uptime checking and alerts.
 
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