First of all, we want you to only use web safe colors.
Moreover, we want our logo to convey a sense of professionalism, class and modernity. But we also want to challenge you to incorporate the meaning of the word "accolade" into the logo.
Accolade (noun) has many similar meanings all relating to approval and praise, e.g an award or special acknowledgment (see http://en.wiktionary.org/wiki/accolade). We would like you to play with this theme and try to discretely incorporate it into the logo.
A very specific idea that we are enticed by is accolade's historical meaning of the salutation marking the dubbing of a knight (consisting of a slight blow on the shoulders with the flat of a sword). A good illustration of this act is Edmund Blair Leighton's painting "the Accolade" of which we have attached a copy to this design brief.
We believe the difficulty of incorporating this "knighthood" depiction in the logo is to maintain the sense of professionalism, class and modernity while exploring a theme that is nowadays normally associated with fantasy. If anyone achieves this, he/she will probably win the contest, but we doubt anyone can pull it off. Hence, do not get stuck with this very specific idea for too long, if you are unsuccessful. We are open to other ideas as well.