The United Nations space treaties establish the basic legal framework governing outer space activities. While it is through national space legislation that the spirit and schemes in these treaties are further instilled into specific entities undertaking space activities, launch services contracts play a notable role in final stage of rendezvous and docking with the legal infrastructure at international level. For example, allocation of risk/liability mechanism in these contracts is deeply influenced by treaty provisions and national legislation. These arrangements seem to be made all the more complicated in the context of international launch projects. Growing demand from the small satellite sector for ride hitching opportunities in space launch begs the question of whether and how the launch service contracts need to be tailored to accommodate industry demand and regulatory needs. This paper purports to examine some of the regulatory issues surrounding risk/liability management under standard and piggyback launch services contracts, which reflect deliberate compliance on micro-level with the international and national legal framework on macro-level.