Roundness tolerance (+/- 0.01 inch) would mean the difference between major OD and the minor OD throughout the profile should not be greater or less than 0.01 inches. When bending round profiles to a certain radius, the greater the OD to bend radius, the higher ovality should be expected
ovality tolerance standard
This deviation is called ovality, and is defined as the difference between the maximum and minimum dimension of a tubes' outer diameter. Different industries and products may require varying ovality tolerances, ranging from 1.5% – 8%, depending on the end-use of the part