Normally the colour space of a print file is larger than the Océ ColorWave 700 colour space. In other words, the input colour space is larger than the output colour space. Consequently some of the defined input colours will be outside the Océ ColorWave 700 colour space. These "out-of-gamut colours" are called a gamut mismatch.
When a gamut mismatch occurs, the rendering intent setting decides what qualities of the image it should prioritize. The rendering intent setting preserves one property of colour at the expense of other colour properties.