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When someone (typically, your agent) notifies you that you are on avail for a role, they are informing you that you are under consideration for the part and should remain available; i.e., don't travel too far and don't make other commitments for the specified dates.
Some casting directors will only put their top choices on avail, but others will try to do so with anyone who auditions for a role. It is no guarantee that you will get the part, and as long as you are not being paid to be on avail you are under no legal or contractual obligation to remain available. (Of course, your agent and the casting director may be displeased if you don't.)
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