The short answer
An award recognises completed work against criteria; a competition asks for a proposal and often awards a commission.
Awards judge built or completed work and confer recognition. Competitions set a brief and judge proposals, sometimes with a cash prize and sometimes with the chance to design the actual project.
For a practice, awards support marketing and recruitment, while competitions create new work — and carry unpaid effort. Decide which outcome you need before spending weeks on a submission.
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