Award half-decent speech (10)
I believe the answer is:
decoration
'award' is the definition.
(I know that decoration is a type of award)
'half-decent speech' is the wordplay.
'half' means to take half the letters.
'speech' becomes 'oration' (oration is a kind of speech).
'decent' cut in half is 'dec'.
'dec'+'oration'='DECORATION'
(Other definitions for decoration that I've seen before include "Flags put out" , "New Year's honour, say" , "Star" , "Medal; ornament" , "Bunting (in honour of a brave man?)" .)