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Anything offered as a reward for a contest. It is distinguished from a bet or wager in that it is known before the event who is to give either the premium or the prize, and there is but one operation until the accomplishment of the act, thing, or purpose for which it is offered. In time of war, an enemy vessel or a ship captured at sea by a belligerent power.

The fair market value of a prize or award is generally includible in gross income. Certain exceptions are provided where the prize or award is made in recognition of religious, charitable, scientific, educational, artistic, literary, or civic achievement providing certain other requirements are met.


noun accolade, advantage, award, blue ribbon, bonus, booty, bounty, capture, catch, cordon, cup, distinction, find, first place, gain, guerdon, honor, jackpot, loot, medal, meed, payment, pillage, plum, plunder, praemium, premium, prey, privilege, reward, spoil, title, token, trophy, winning
See also: advance, award, bounty, consideration, honor, hush money, paragon, prefer, preferential, premium, prime, profit, raise, recognition, recommend, recompense, regard, reward, select, spoils, stake


property lawfully appropriated in war.

COURT, PRIZE. One of the branches of the English admiralty, is called a prize court. Vide Prize Court.

PRIZE, mar. law, war. The apprehension and detention at sea, of a ship or other vessel, by authority of a belligerent power, either with the design of appropriating it, with the goods and effects it contains, or with that of becoming master of the whole or a part of its cargo. 1 Rob. Adm. R. 228. The vessel or goods thus taken are also called a prize. Goods taken on land from a public enemy, are called booty, (q.v.) and the distinction between a prize and booty consists in this, that the former is taken at sea and the latter on laud.
     2. In order to vest the title of the prize in the captors, it must be brought with due care into some convenient port for adjudication by a competent court. The condemnation must be pronounced by a prize court of the government of the captor sitting in the country of the captor, or his ally; the prize court of an ally cannot condemn. Strictly speaking, as between the belligerent parties the title passes, and is vested when the capture is complete; and that was formerly held to be complete and perfect when the battle was over, and the spes recuperandi was gone. 1 Kent, Com. 100; Abbott on Ship. Index, h.t.; 13 Vin. Ab. 51; 8 Com. Dig. 885; 2 Bro. Civ. Law, 444; Harr. Dig. Ship. and Shipping, X; Merl. Repert. h.t.; Bouv. Inst. Index. h.t. Vide Infra praesidia.

PRIZE, contracts. A reward which is offered to one of several persons who shall accomplish a certain condition; as, if an editor should offer a silver cup to the individual who shall write the best essay in favor of peace.
     2. In this case there is a contract subsisting between the editor and each person who may write such essay that he will pay the prize to the writer of the best essay. Wolff, Dr. de la Nat. Sec. 675.
     3. By prize is also meant a thing which is won by putting into a lottery.

References in periodicals archive ?
picked up the SXSW test's grand jury prize, and the striking subject matter couldn't be more timely.
Olivia Cooke (above) plays a teenage girl battling with cancer in Me And Earl And The Dying Girl, which won the Grand Jury Prize and the Audience Award at the Utah festival in January.
His venture began in 1993 when he wrote a screenplay after college and made The Brothers McMullen in twelve days-a production which wound up winning the Grand Jury Prize at Sundance and led to his film fame and career.
His venture began in 1993 when he wrote a screenplay after college and made The Brothers McMullen in twelve days--a production which wound up winning the Grand Jury Prize at Sundance and led to his film fame and career.
Hope has also won the Sundance Film Festival Grand Jury Prize more often than any other producer (for his films American Splendor, What Happened Was .
Her first feature-length film, "I Am That Girl," was nominated for the Grand Jury Prize for Best Narrative Feature Film at the 2009 L.
Kurdish film-maker Attoof was awarded the Grand Jury Prize at the Italian Fiati Corti film festival in Venice, Italy.
The Grand Jury Prize went to a Hungarian project aimed at encouraging business start-ups by mothers with young children who are unable to return to their job at the end of their maternity leave.
It was also nominated for a Golden Globe Award for Best Actress, won a BAFTA Award for Best Actress, was nominated for another five BAFTA Awards and was nominated for the Grand Jury Prize at Sundance Film Festival.
Like John Singleton's impressive Boyz n The Hood debut in 1991, Fruitvale Station has a lot to say in the right way and it was the Grand Jury Prize winner at the 2013 Sundance Film Festival.
Moreover in environmental protection, and has garnered numerous accolades including the "Energy Conservation and Carbon Reduction Action Mark award from the Environmental Protection Administration in 2011 and 2012; the Super Green grand jury prize and first place in the transportation category of Business Next magazine's Green Brand Survey in 2012 and 2013; the Green Sustainability Award in the first annual Million Trees event hosted by the HIMA Foundation in 2013; and an outstanding low-carbon airline award from Hong Kong Leaders' Choice in 2013, China Air heads.
Nominated for a Grand Jury Prize at the Sundance Film Festival.