How does the binding agreement work for both students and a college partner?

QuestBridge -

Binding admission means that if a student is admitted to that school, s/he is obligated to attend and must withdraw any applications to other colleges. Colleges take this very seriously, and may withdraw offers of admission if they know a student is bound to another college. A binding offer of admission through the College Match comes with the Match Scholarship, which covers the cost of attendance. The binding nature is in place to benefit both parties: the student is ensured the full scholarship, and the college is ensured that the student will attend. 

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