There is no entry fee, previously published & simultaneous submissions are accepted, and there is no obligation to have your work published on their website following the competition, should you win.
Oh, and the prize of $700 is a nice incentive as well.
Did I mention there's no entry fee? I mean, really, the contest pretty much leaves you excuse-less, now doesn't it?
(While at the contest site, I noticed that one of the top ten from last years competition was a fellow Lesley MFA'er, whom I've workshopped with,Tavi Black. Congrats!)
It's a competition that I found out about via the Creative Writer's Opportunities List. For anyone looking for a way to learn about oodles of writing competitions, submission calls, open teaching positions, etc - I highly recommend it. I also highly recommend that you have a GMail (or other) junk account set up to be used as its home, as the daily emails can get a bit overwhelming.