Definitions

prize

prize

[prahyz]
prize, in maritime law, the private property of an enemy that a belligerent captures at sea. For the capture of the vessel or cargo to be lawful it must be made outside neutral waters and by authority of the belligerent. A prize court, in the territory of the belligerent or in that of an allied power, must adjudicate that the property belonged to an enemy national. After the prize is captured, it is ordinarily placed in charge of a prize master and sent into port for judicial proceedings; however, if the enemy character of the ship is readily apparent, it may be destroyed at sea (after passengers, crew, and ship's papers have been removed), with the captor's government being liable for the losses of neutrals. If the prize is sold before being adjudicated, the proceeds must be delivered to the court for distribution. In the case of condemnation, the entire proceeds go to the belligerent government. In the United States, since 1899, the crew of the vessel effecting capture has had no right to share in the profits of the sale. A prize court renders a decision on the basis of the ship's papers, the testimony of those on board, and other relevant factors. If the ship is not condemned, it is released and damages are awarded where no justifiable reason for its capture has been shown. Prize law initially developed from the desire of governments to share in the profits made by ships engaged in privateering. The governments also wished to minimize diplomatic claims for damages by establishing regular procedures for disposing of captures. Although they nominally apply international law, prize courts (in the United States, the federal courts) in awarding judgment have been influenced, or even bound, by the national law. To avoid this, prize cases are sometimes referred to international tribunals. Efforts to establish an international prize court with appellate jurisdiction, however, have not succeeded.

See J. W. Garner, Prize Law during the World War (1927); C. J. Colombos, Treatise on the Law of Prize (3d ed. 1949).

(1863) Legal dispute in which the U.S. Supreme Court upheld Pres. Abraham Lincoln's seizure of ships (prizes). In April 1861, three months before Congress declared a state of war, Lincoln authorized a blockade of Confederate ports. In that three-month period, several merchant ships ran the blockade and were captured by the Union navy. The legality of the seizures was challenged in court; on appeal, the Supreme Court ruled that the president had acted legally to resist insurrection, sanctioning presidential use of emergency powers.

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World's most prestigious honour in the field of architecture. Established through the philanthropic efforts of the Pritzkers, a prominent Chicago business family, the prize, first awarded in 1979, bestows an annual award of $100,000 on an architect whose built contributions to the field and to society are judged worthiest. The international jury has included architects, artists, historians, academicians, critics, and business executives.

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Any of the prizes awarded annually by four institutions (three Swedish and one Norwegian) from a fund established under the will of Alfred B. Nobel. The will specified that awards should be given “to those who, during the preceding year, shall have conferred the greatest benefit on mankind.” Since 1901, prizes have been awarded for physics, chemistry, physiology or medicine, literature, and peace; since 1969, a sixth prize, established by the Bank of Sweden, has been awarded in economic sciences. The Nobel Prizes are regarded as the most prestigious prizes in the world.

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in full (2002– ) Man Booker Prize

Prestigious British award given annually to a full-length novel. It was established in 1968 by the multinational company Booker McConnell as a counterpart to the French Prix Goncourt. The Booker Prize Foundation administers the prize, aided by an advisory committee. Entries, which are nominated by publishers, must be written by an English-language author from the United Kingdom, the Commonwealth countries, Ireland, or South Africa. Its winners have included Kingsley Amis, A.S. Byatt, Ruth Prawer Jhabvala, and Salman Rushdie. In 1992 a Booker Russian Novel Prize was introduced.

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A prize is an award given to a person or a group of people to recognise and reward actions or achievements. Official prizes often involve monetary rewards as well as the fame that comes with them. Some prizes are also associated with extravagant awarding ceremonies, such as the Oscars.

Prizes are given for a number of reasons: to highlight noteworthy or exemplary behaviour, and to provide incentives in competitions, etc. In general, prizes are regarded in a positive light, and their winners are admired. However, many prizes, especially the more famous ones, have often caused controversy and jealousy.

Specific types of prizes include:

  • First prize, second prize, third prize etc.
  • Consolation prize: an award given to those who do not win an event but are deserving of recognition. (See also: parting gift)
  • Booby prize: typically awarded as a joke or insult to whoever finished last. See wooden spoon (award).
  • Purchase prize or acquisition prize: a monetary prize given in an art competition in exchange for the winning work.

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