Normally the color space of a print file is larger than the Océ ColorWave 700 color space. In other words, the input color space is larger than the output color space. Consequently some of the defined input colors will be outside the Océ ColorWave 700 color space. These "out-of-gamut colors" 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 color at the expense of other color properties.