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From 2011.igem.org

For the iGEM 2011 each team will be judged in four areas:

1. Lab Standards

  This prize will be based on what your lab accomplishes for the field of synthetic biology.  
  Synthetic biology is a  field of collaboration between labs.  Each lab submits new parts or identifies 
  existing biological parts, these parts will be added to the growing registry.  
  If your lab produces a new part, identifies existing parts, or alters an existing part your lab will 
  receive a standard based on your work.

2. Specials

  The judges can award a special prize to a team.  
  The specials are detailed in the judging criteria section

3. Tracks

  All teams participating in iGEM will have to declare a track for their project.  
  The track provides guidelines for the judges. To see the differing track go to the judging criteria  

4. Grand Prize

  At the end of the presentations and the poster judging the judges will choose teams as finalists. 
  During the jamboree the finalist will present and the judges will choose the grand winner of the jamboree.