What do we call an award paid to someone to compensate for economic or non-economic loss?

The term used to refer to an award paid to someone to compensate for economic or non-economic loss is "damages." This legal concept encompasses various types of financial compensation that a court awards to a party who has suffered loss or injury due to the actions or inactions of another party. Damages can be classified into different categories, including compensatory damages, which are intended to make the injured party whole again by covering both tangible losses, like medical expenses and lost wages, as well as intangible losses, such as pain and suffering.

Compensatory damages aim to place the injured individual in the position they would have been in had the injury not occurred. The term broadly covers all forms of compensation resulting from legal judgments in tort cases, breach of contract claims, or other lawsuits where harm has been inflicted.

While "reimbursement" refers specifically to the act of repaying someone for out-of-pocket expenses they have incurred, "restitution" typically involves restoring someone to the position they occupied before a loss occurred rather than compensating for the loss itself. "Compensation" is a more general term that could apply to various types of payments for loss but does not specifically refer to the legal context of monetary awards in legal proceedings. Thus, damages is the most