Definition: A set of video clips, which may include placeholders, arranged to give the video editing team/viewers an idea of what the finished piece would look like. It is merely a “draft” and doesn’t have to be complete or properly organized.
“My team has already received the rough cut and will be starting the post-production once the producers have given the go signal.”
Source: https://www.reddit.com/r/editors/comments/1f5e24/list_of_video_editing_terminology/