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, they are 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 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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