Present prize (5)
I believe the answer is:
award
I believe this clue is a double definition.
'present' is the first definition.
('award' can be a synonym of 'present')
'prize' is the second definition.
('award' can be a synonym of 'prize')
(Other definitions for award that I've seen before include "Judicial decision" , "Honour, accolade." , "settlement" , "medal, perhaps" , "Trophy or medal, for example" .)