The Parties agree to exploit the Results in accordance the undertakings set out in paragraphs 24, 25 and 26 of the Grant Offer Letter. 
In relation to commercial exploitation the Non-academic Parties and the Academic Parties agree that the terms and conditions for exploitation of and licenses granted under intellectual property rights in results <tag "515648">deriving</> from the Academic Parties shall have regard to the extent to which such results are incorporated in or applied to the manufacture of commercially exploited products (particularly where there had been substantial product development outside the project) and to the SERC guidelines which are set out in a letter from SERC dated 13 August 1984, together with its attachments.   

