term:

Award

award vt

[Anglo-French awarder agarder to look at, decide on, impose, alteration of Old French esguarder to look at, from es-, intensive prefix + guarder to guard]
1 : to give in accordance with a judicial or administrative determination or decision [ punitive damages]
2 : to grant as deserved [ed the contract to the lowest bidder]
n 1 : a judgment or final decision: as
a : arbitrator's award
b : a formal decision regarding benefits in a workers' compensation claim
2 : something granted esp. on the basis of merit or entitlement: as
a : a contract won by a successful bidder
b : relief usually in the form of money (as damages or alimony) granted to a party in a legal proceeding

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.