What is the difference between and Early Decision applicants vs. Round 1 applicant to an MBA Program?

Several schools have an ‘Early Decision’ or ‘Early Action’ round, which starts before Round 1. When you apply to an Early Decision round you can only apply to 1 school during that round and when you do you sign a document stating that you submit a non-refundable deposit within a stated timeframe, withdraw all other applications and decline all other offers. Early Action works slightly differently – in that case you are given a longer timeframe to commit and given the opportunity to view all your offers before making a decision.