Present, a tie, sent back (5)
I believe the answer is:
award
'present' is the definition.
('award' can be a synonym of 'present')
'a tie sent back' is the wordplay.
'tie' becomes 'draw' ('draw' can be a synonym of 'tie').
'sent back' says the letters should be written backwards.
'draw' in reverse letter order is 'ward'.
'a'+'ward'='AWARD'
(Other definitions for award that I've seen before include "Official prize in a draw" , "Grant, confer" , "Grant made by a court of law" , "Allotment" , "Arbitrator's decision" .)