An arbitration award is a determination on the merits by an arbitration tribunal in an arbitration

Arbitration

Arbitration, a form of alternative dispute resolution , is a legal technique for the resolution of disputes outside the courts, where the parties to a dispute refer it to one or more persons , by whose decision they agree to be bound...

, and is analogous to a judgment in a court of law. It is referred to as an 'award' even where all of the claimant's claims fail (and thus no money needs to be paid by either party), or the award is of a non-monetary nature.
Although arbitration awards are characteristically an award of damages against a party, tribunals usually have a range of remedies that can form a part of the award.

1. the tribunal may order the payment of a sum of money (conventional damages)
2. the tribunal may make a "declaration
   Declaration (law)
   In law, a declaration ordinarily refers to a judgment of the court or an award of an arbitration tribunal is a binding adjudication of the rights or other legal relations of the parties which does not provide for or order enforcement. Where the declaration is made by a court, it is usually...
   
   " as to any matter to be determined in the proceedings
3. in most jurisdictions, the tribunal has the same power as a court to:
   1. order a party to do or refrain from doing something ("injunctive relief
      Injunction
      An injunction is an equitable remedy in the form of a court order that requires a party to do or refrain from doing certain acts. A party that fails to comply with an injunction faces criminal or civil penalties and may have to pay damages or accept sanctions...
      
      ")
   2. to order specific performance
      Specific performance
      Specific performance is an order of a court which requires a party to perform a specific act, usually what is stated in a contract. It is an alternative to award/ for awarding damages, and is classed as an equitable remedy commonly used in the form of injunctive relief concerning confidential...
      
       of a contract
   3. to order the rectification
      Rectification (law)
      Rectification is a remedy whereby a court orders a change in a written document to reflect what it ought to have said in the first place. It is an equitable remedy, which means the circumstances where it can be applied are limited....
      
      , setting aside or cancellation of a deed or other document.

Arbitration is particularly popular as a means of dispute resolution

Alternative dispute resolution

Alternative Dispute Resolution includes dispute resolution processes and techniques that act as a means for disagreeing parties to come to an agreement short of litigation. ADR basically is an alternative to a formal court hearing or litigation...

 in the commercial sphere (for a summary of the various arenas in which arbitration is usually chosen, see the specific article on "arbitration

Arbitration

Arbitration, a form of alternative dispute resolution , is a legal technique for the resolution of disputes outside the courts, where the parties to a dispute refer it to one or more persons , by whose decision they agree to be bound...

").