The parties hereby agree that in the event of litigation arising from this transaction, venue shall be the Republic of Palau. Immediate payment shall be rendered or at date and terms mutually agreed upon by both parties in writing below under "AGREEMENT FOR CREDIT ACCOUNT". Any amount unpaid after 30‐days from invoice date shall bear 1.5% interest charge per month. Applicant and guarantor(s) shall be responsible for all legal costs, collection agency expenses, and reasonable attorney’s fees incurred in any manner in connection with collection of any account past due detailed in "AGREEMENT FOR CREDIT ACCOUNT" below.
The Applicant together with the Guarantor(s) are jointly and severely responsible for this credit.