Award vs Agreement
To distinguish between the terms Award and Agreement, it is essential to understand their different definitions, which can vary depending on the context. In general, an Award can refer to a prize or high commendation in fields such as education, while in law, it denotes a judicial determination. On the other hand, an Agreement signifies a consensus between two or more parties, with an understanding of certain rights and obligations that must be carried out to give effect to it. Let’s take a closer look at both terms.
What does Award mean?
An Award generally refers to the giving of something, such as a prize, or the ordering of the giving of something to someone, such as payment or compensation. In a legal context, it means a judicial determination or the decision given by a court of law. An Award is usually granted after a judicial body evaluates and assesses the facts and evidence of a case. It can take the form of payments, compensation, injunctions, specific performance of a contract, or other types of relief. The term ‘Award’ is also commonly associated with arbitration proceedings, with the decision of an arbitrator often referred to as an arbitral Award.
What does Agreement mean?
An Agreement generally refers to a meeting of the minds or a consensus between two or more people, with an agreed understanding of certain rights and obligations that must be carried out to give effect to it. It can be either oral or written, and in law, it is commonly associated with a contract. However, for an Agreement to become a contract, there must be consideration, and it must be legally enforceable. In law, an Agreement typically refers to a legally enforceable contract between two or more parties or entities, or it could refer to a sale or transfer of property, movable or immovable.
Key Takeaways
- An Award refers to a judicial determination or the final decision of a court of law.
- An Agreement signifies a mutual understanding between two or more parties with respect to some agreed purpose, often referring to a legally enforceable contract between parties.
- Awards can be in the form of payments, compensation, injunctions, or specific performance of a contract, while Agreements can be either oral or written.
