noun

• (law) A judgment, sentence, or final decision. Specifically: The decision of arbitrators in a case submitted.
  "Citing the damages that Ms. Lewis and Mr. Heslin had requested, Mr. Jones called the award a “major victory” in a video posted on Infowars on Thursday night, even as he urged viewers to buy products from his website to stave off what he portrayed as financial ruin."
• (law) The paper containing the decision of arbitrators; that which is warded.
• (academia) Funding that has been granted for the conduct of a research project.
• (Australia, NZ, industrial relations) A negotiated set of employment conditions and minimum wages for a particular trade or industry; an industrial award.
  "The AMIEU^([Australasian Meat Industry Employees Union]) first developed into a powerful organisation in the early years of the twentieth century, and after the first industry-wide collective agreement was made in 1911, collective bargaining prevailed in the industry until 1917, when the employers sought an award from the Queensland Industrial Court. The first award was issued on March 12, 1918."

verb

• (intransitive) To determine; to make or grant an award.
  "To assert its control, Vietnam has since established Spratly Island as a township in Truòng Sa district, organized local elections and tours in the Spratlys, and has continued to award oil exploration contracts."
• (transitive) To give (an award).
  "Four or five of these medals are awarded every year."
• (transitive) To give (a person) an award.
  "He was awarded with the Nobel Prize for Literature."
• (transitive, law) To give by sentence or judicial determination; to assign or apportion, after careful regard to the nature of the case.
  "The arbitrators awarded damages to the complainant."