The term ‘technology’ is derived from the Greek word ‘tekhnelogos’ which comprises of two elements: tekhne - are and logos - treatise. In other words, it stands for the body of knowledge pertaining to equipment or machinery. The term ‘tekhne’ also embraces the concept of communication of professional knowledge and skills, which are transferable. Transfer of technology therefore means transfer of knowledge and skills. Depending upon the complexity of the equipment, the issue of transfer of knowledge and skills may become difficult to resolve. In many cases, monopolistic regimes may be maintained by the inventors of machinery or equipment. Technology may be transferred in two contexts: