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I rented a VServer to perform some distributed computation tasks.

Unfortunately I had to notice that after some minutes of almost full cpu load my vserver shut down. I also got an email, notifying me, that my server was automatically disabled due to high cpu load, and that I need to write to the support to enable the server again.

Is fair usage cpu load a common component of the contract? For me it's definitely a dealbreaker here.

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i think there are often limitations like that. especially if you have done a cheap deal. Often in terms and conditions are sentences like "in normal use" or similar. I never heard of CPU usage limitations but of bandwith limitations. So if you have 100Mbit/s available but you will use your vserver as a massive torrent server or something that will use the 100Mbit/s 24/7 they will not see this as "normal use". But it really depends. i also have an vserver and am used to limitations similar like that. But therefore they are really cheap. If you don't want limitations like that you often have to spend more money and read the terms and conditions carefully.

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