Rendering intent tells the RIP which method to use to convert the colors. Relative Colorimetric is pretty much standard but some people choose different ones depending on what outcome they want.
Absolute Colorimetric: Uses the original file's white point and tries to stay true to the original file. The problem is if the original file is out of gamut of the printer, the file will not convert well.
Relative Colorimetric: Most commonly used. Just like Absolute Colorimetric it converts colors based on the white point but this time of the destination white point which is the white point of the vinyl profile.
Perceptual: This is commonly used. Instead of converting based on white point it de-saturates colors in order to keep the relationship between them the same. It's hard to explain without visuals for this one unfortunately.
Saturation: Same as perpetual except it favors saturation a little more.