Bleeds:
Your document should be "bleeding" if it has ink touching the very edge of the paper.
Definition: Bleed is the term used for extending the ink off the page up to 1/8 of an inch. This is necessary to accommodate slight variations in the printing and cutting processes.
To avoid cost increases when submitting film or electronic files to your printer, make sure that objects (Photos, background tints, etc) which touch the trim (edge) EXTEND OFF THE PAGE.
The necessity for bleeds can have major affects on your press sheet size, the amount of cutting required to finish the piece, and therefore the cost of producing it.
For example, an 8 1/2" x 11" finished piece can print two-up on an 11" x 17" flat sheet, with one chop cut, IF IT DOESN'T BLEED. However, if it does bleed, only one finished piece can fit, requiring 4 cuts.
When you forewarn your printer that you have a 8 1/2 x 11 WITH BLEEDS, they know to order slightly larger paper and schedule cutting time.
If you fail to forewarn your printer that you have bleeds, your delivery date may be pushed back, your price will increase and / or your document may need to be undercut (made smaller by trimming off 1/16" or more on each bleeding edge). There goes your budget and your finished page size.
Related topics on this site:
Booklets & Magazines - How page creep effects trimming
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