Cadence organizes software applications as products, and delivers a collection of Products together in a software Release for a specific OS platform.
Base: A Base Release is a complete set of software products for a Release. It requires a new file from Cadence to use the products in it.
Update: An Update is a fully tested enhancement to a Base Release. An Update can be incremental a complete replacement of a Base Release.
Hotfix: A Hotfix contains patches to a Base or Update Release, and is applied to an installed hierarchy. Hotfixes are cumulative and contain the latest set of all previous Hotfixes. These are installed on top of a Base or Update.