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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 ?
The Way Back Home has won eight awards/honors since 2014, including the Grand Jury Prize in the 2014 Hollywood Screenplay Contest and the Grand Prize in the 2014 London Film Awards (feature screenplay category), and is ranked in the top 4% of the over 2,500 scripts listed on MovieBytes.
Organisations from all 28 EU Member States as well as Iceland, Serbia and Turkey, competed for the chance to win either a specific category or the prestigious Grand Jury Prize, according to the EC press office.
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.
The Grand Jury Prize went to Tsai Ming-liang's "Stray Dogs," about a father and two children living on the margins of modern-day Taipei.
He served as Executive Producer on the Oscar-nominated film, Frozen River, which received the 2008 Sundance Film Festival Grand Jury Prize for Drama and Two Independent Spirit Awards.
But if you don''t mind a bit of violence - or a hero who likes his sushi so raw it''s still twitching - then this ambitious movie, which deservedly picked up the Grand Jury Prize at Cannes, is a must.
The Cambodian film "A River Changes Course" won the grand jury prize for international documentary, and a narrative film from South Korea, "Jiseul," claimed the grand jury prize for dramatic world cinema.
Grand Jury Prize for dramatic film and the Audience Award.
The movie also got the audience award at Sundance, and was nominated for the grand jury prize at the film festival
It won the 2011 Cannes Film Festival Grand Jury Prize (the festival's second most prestigious award) and was nominated for Best Foreign Language Film at the 2011 Golden Globes.
Previous UK winner, Scarborough, went on to win the European Grand Jury Prize in 2009.
Beasts of the Southern Wild" won the grand jury prize in the US dramatic competition, and "The House I Live In" won the same honor in the US documentary category Saturday at the independent film festival's awards ceremony.