International technology transfer(ITT) or technology trade is a very comprehensive term covering various mechanisms and channels for shifting technologies across borders. Thus, it refers to numerous complex processes, ranging from innovation and international marketing of technology to its absorption and imitation. It includes technology, trade, and investment. Markets for exchanging technologies are inherently subject to failure due to appropriability problems, spillovers, asymmetric information, and market power. Thus, there is strong justification for public intervention. Technology developers are interested in reducing the costs and uncertainty of making transfers, along with protecting their rights to profit from such transfers. On the other hand, technology importers are interested in acquiring knowledge at minimal costs, asking for restricting sharply the exclusive rights of foreign firms to exploit technology. The purpose of this paper is to review the characteristics, risks, legal issues and contractual check points of ITT, focusing on the avoidance of commercial disputes during the very complex processes of ITT.