The most common and most likely answer to this crossword clue is the 3 letter word CUP
I've seen this crossword clue in The Times
C
U
P
Buddy explains!

The straight part
We know that "Award" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case award = cup.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does CUP mean?
CUP noun- A concave vessel for drinking from, usually made of opaque material (as opposed to a glass) and with a handle.
- The contents of said vessel; a cupful.
- A customary unit of measure
- A trophy in the shape of an oversized cup.
- A contest for which a cup is awarded.
- The main knockout tournament in a country, organised alongside the league.
- A cup-shaped object placed in the target hole.
- (in combination) Any of various sweetened alcoholic drinks.
- A rigid concave protective covering for the male genitalia. (for UK usage see box)
- One of the two parts of a brassiere which each cover a breast.
- The symbol \cup denoting union and similar operations (confer cap).
- A suit of the minor arcana in tarot, or one of the cards from the suit.
- (ultimate frisbee) A defensive style characterized by a three player near defense cupping the thrower; or those three players.
- A flexible concave membrane used to temporarily attach a handle or hook to a flat surface by means of suction (suction cup).
- Anything shaped like a cup.
- A cupping glass or other vessel or instrument used to produce the vacuum in cupping.
- That which is to be received or indured; that which is allotted to one; a portion of blessings and afflictions.
- To form into the shape of a cup, particularly of the hands.
- To hold something in cupped hands.
- To pour (a liquid, drink, etc.) into a cup.
- To supply with cups of wine.
- To apply a cupping apparatus to; to subject to the operation of cupping.
- To make concave or in the form of a cup.