Yes, you can use the visualization API in commercial projects (
http://code.google.com/apis/chart/interactive/faq.html#commercialuse, 
section 6 of the Terms of 
Use<http://code.google.com/apis/chart/interactive/terms.html>). 
 If you use the interactive charts (as opposed to the image charts), none of 
your data goes through Google's servers (see the Data Policy section for the 
charts you use, ex: 
http://code.google.com/apis/chart/interactive/docs/gallery/areachart.html#Data_Policy
).

You can't use the charts offline or download/host any of the code, however (
http://code.google.com/apis/chart/interactive/faq.html#offline, 
http://code.google.com/apis/chart/interactive/faq.html#localdownload, 
section 5 of the Terms of 
Use<http://code.google.com/apis/chart/interactive/terms.html>
).

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