This chapter gives an overview of what an investment award is and what it is not. In the context of arbitration under the auspices of the International Centre for Settlement of Investment Disputes (ICSID), the chapter considers the different function of ‘awards’ and pre-award ‘decisions’. By the same token, it draws the distinction between awards rendered in ICSID and in non-ICSID arbitration. Next, the chapter enquires into the drafting of investment awards, focusing on their minimum content, notably form and substantive requirements, and their structure, thus providing a basic checklist and a roadmap for award drafting. That part of the chapter pays close attention to a particular question, that of the power of tribunals to award interest as part of their mandate. Finally, the chapter discusses the effects of an award, and in particular its binding character and res iudicata effect, and the recognition and enforcement obligations it carries.