award

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award

A term of art used at the National Institutes of Health (US) for the provision of funds, or direct assistance in lieu of funds, based on an approved application and budget to provide general financial assistance to a person or organisation to carry out an activity or program. An award is a statement that funds have been obligated; this includes both direct and indirect costs, unless otherwise indicated.

award

(ă-ward′)
1. An amount of money paid to the party prevailing in a lawsuit.
2. A formal public recognition of excellence.