Simple English definitions for legal terms
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Prize money is money that is given as a reward or prize for winning a competition or contest. It can also refer to money that is paid to people who capture a ship or other valuable item.
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.
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.