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English definition of “award”

award

noun [C]     /əˈwɔːd/
a prize or a sum of money that a person or organization is given for an achievement : A new digital innovation award is aimed at media that uses the latest technology to make an improvement in delivery of news services .an award for sth A recently launched advertising agency got an award for best marketing campaign of 2009. Four finalists shared the top cash award of $160,000.accept/receive/win an award The airline received an environmental award for work relating to carbon-emissions reduction .give/make/present an award We have no hesitation in giving an award to this interesting example of large-scale urban regeneration .
LAW a sum of money that a court of law decides is owed by a company , organization , or person to someone they have treated unfairly , injured in an accident , etc.: Justice Andrew Reid confirmed that the award would total $15.5m.an award of sth The jury made an award of £380,000 in damages .make/uphold/grant an award An award for continuing cost of care for survivors of the crash was upheld by the Court of Appeal .compensation/compensatory/damage(s) award The rail company challenged the compensation payout , claiming that the damages award was excessive .
HR, MANAGEMENT an amount of money paid by a company to an employee as an increase in income or as a special payment for success : an award for sth Awards for all 600 executives have been ruled out as the group struggles to recover from a catastrophic 12-month period . As head of the bank's US credit business , she got an award of £2.18m.
a sum of money , work , etc. that is officially given to a company or organization : Including the Port Authority's $3 million award, the company got a total of $3.93 million in grants .
HR →  award wage
(Definition of award noun from the Cambridge Business English Dictionary © Cambridge University Press)
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