This doesn’t sound like a default workflow but maybe it is. What the statuses mean are completely up to you. FWIW, I use a hold status in one project where we are waiting on outside services, e.g. PC order and in route. Hold could mean that you started a feature development but the placed on hold do to other priorities. Similarly Pending could mean a number of things. For example in SW development it might be pending review or release, etc.
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