Spanish to English Law/Patents Law: Contract(s)

Hello, I'm working through a doozy of a contract between a religious university in Spain and the religious order that will be providing the personnel to staff one of its Masters programs. This clause appears in the section governing intellectual property rights between the two parties. I'll put the clause in full and my attempted translation below that.
My questions is whether the phrase "por sí o por terceros" refers to exploitation BY the signatory party or a third party, or something more like direct exploitation by the signatory party OR exploitation THROUGH a third party (i.e. the signatory party somehow uses a third party to conduct the exploitation of the other signatory party's IP.) The whole clause is quite confusing, so feel free to chime in on any aspect of my translation. Thank you in advance!

Original: "Ambas instituciones asumen la obligación de respetar los derechos que corresponden a la otra parte y/o sus respectivos profesores, de acuerdo con lo indicado en el párrafo anterior, así como la obligación de no explotar por sí o por terceros, individual o colectivamente, de forma aislada o conjunta los materiales propiedad de la otra institución y/o sus profesores."

Translation: "Both institutions assume the obligation to respect the rights of the other party and/or their respective teachers, in accordance with what is indicated in the previous paragraph, as well as the obligation not to exploit the materials owned by the other institution and/or its teachers, either directly or through third parties, either individually or collectively, acting jointly or in isolation."