What is binding admission?

QuestBridge -

Binding admission means that if a student is admitted to that school, she or he is obligated to attend and must withdraw any applications to other colleges. Other colleges may withhold or withdraw their admissions offers if they learn that a student has reneged on a binding offer of admission. A potential drawback of binding admission through typical Early Decision programs is that because you are required to accept this offer of admission early, you cannot compare financial award letters from one college to another. If you receive a binding offer of admission through the College Match, however, the admission comes with the College Match Scholarship, a full scholarship covering the cost of attendance. 

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