Legal Definitions - prize money

Definition: Prize money is money that is given as a reward or an award for winning a competition or achieving something great. It can also refer to the money that is paid to the people who capture a ship or a vessel.

• Winning the championship in a sports tournament can earn you a lot of prize money.
• The Nobel Prize comes with a large amount of prize money.
• During wartime, the capture of an enemy ship can result in prize money for the captors.

The examples illustrate how prize money can be earned through different means, such as winning a competition or capturing a vessel. It is a form of reward or recognition for a job well done.