This paper looks into the payment conditions in the “ICC Model Contract - International Sale (Manufactured Goods),’，and especially finds out some practical considerations that need to be taken into account when selecting the documentary letter of credit (L/C), payment on open account and documentary collection as a method of payment of the price of goods. Further, this paper presents certain points for the parties to keep in mind when choosing each method of payment. First, regarding L/Cs, this paper presents the points to be considered when choosing the type of L/C and the confirmed L/C, and when agreeing on the time of L/C advice. Second, concerning the payment on open account, this paper cautions the need for a credit investigation of buyer, and recommends insertion of retention-of^title clause in the contract and use of payment guarantee issued in form of a demand guarantee or a standby L/C against the buyer's credit risk. Finally, regarding documentary collection, this paper also cautions the need for a credit investigation of buyer and presents points to keep in mind concerning the negotiation by the seller of a draft and the use of a draft payable at a future date.