Vinyl
A nearly perfect record. A NM or M- record will play perfectly, with no issues during playback and shows no obvious signs of wear. A 45 RPM or EP sleeve has no more than the most minor defects, such as any sign of slight handling. An LP cover has no creases, folds, seam splits, cut-out holes, or other noticeable similar defects. The same should be true of any other inserts, such as posters, lyric sleeves, etc.
CD
Near perfect. No obvious signs of use, it may have been played – but it has been handled very carefully.
Insert/Inlay/Booklet/Sleeve/Digipak: Near Perfect. No obvious wear, it may have only the slightest of marks from handling.
Standard Jewel Cases: These are not graded as they are replaceable.
Cassette
Tape is likely new, free of any wear or damage. Sleeve should be totally crisp and clean with only the slightest evidence of handling.
Generic
Within the context of grading items, the term “generic” refers to a type of sleeve that is not specific to the release. A generic sleeve is either a plain sleeve or a company sleeve with standard company artwork. A sleeve that is graded as “generic” needs no further grading, as a generic sleeve generally adds little value to the item and can be easily replaced.