award (damages)

V. to give money following an official decision by a court or by arbitration

award

N. a sum of money that a court decides to give someone to compensate for an injury ; a grant made by a law court

The jury's award of £100,000 in damages for libel was considered excessive.

In the context of arbitration, award is often used to talk about the final decision of the arbitrators.

In Brook V. Peak Int'l Ltd., the former employee, Brook, asked the court to vacate an arbitrator's award because the American Arbitration Association (AAA) did not follow the provisions of the parties' arbitration agreement for selecting an arbitrator.