- award
- an agreement having the force of law, which sets out working conditions and wages for certain types of employment. Glossary of Business Terms
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▪ I. award a‧ward 1 [əˈwɔːd ǁ -ɔːrd] noun [countable]1. an amount of money that is given to someone as a result of an official decision or judgment:• the basic award for unfair dismissal
• The nurses' pay award (= increase in pay ) was not nearly as much as they had expected.
2. something such as a prize or an amount of money given to a person or company to reward them for something they have done:• 85% of the company's product is sold overseas, a feat which won it the Queen's Award for Export.
[m0] ▪ II. award award 2 verb [transitive]1. to officially decide that someone should have something such as an amount of money:award be awarded something• We were naturally delighted to be awarded this contract.
award somebody something• The tribunal can award you compensation or order your reinstatement.
2. to officially give a prize or an amount of money to a person or company, to reward them for what they have done:award be awarded something• He has been awarded the MBE for services to the electricity supply industry.
award somebody something• The university awarded her a scholarship.
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Ⅰ.award UK US /əˈwɔːd/ noun [C]► 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(Cf. ↑award wage)Ⅱ.award UK US /əˈwɔːd/ verb [T]► to officially give work, a sum of money, etc. to a company or organization: »Firms making big campaign contributions are often awarded lucrative government grants.
award a grant/contract (to sb) »The Pentagon has awarded a $520 million contract to the construction company.
award sb sth »The company awarded them the concrete subcontract on the five-story parking structure.
► LAW if a court awards a sum of money to someone who has been unfairly treated, injured in an accident at work, etc., it orders the person, company, or organization that is responsible to pay it: be awarded $1 million/£250,000, etc. »She was awarded £600,000 in damages as part of a libel action.
award sth to sb/award sb sth »The jury will award $1.78 million in compensation and more than $99 million in punitive damages to victims.
»award sth in damages/compensation/costs
► HR, MANAGEMENT to give an employee an increase in income or a special payment as a reward for success: award sth to sb/award sb sth »The Association has just announced that it will be awarding more than $14 million in annual pay rises to staff.
be awarded sth »Many of the investment bank's employees have been awarded much smaller performance bonuses than they were led to expect.
► to give a prize or a sum of money to a person, company, or organization who has been very successful: be awarded sth »The restaurant was one of only three to be awarded four Michelin stars this year.
»Nearly $72,000 in scholarships were awarded by about 30 companies.
Financial and business terms. 2012.
