As I understand it, if you had a halide (or perhaps T5, as well) lamp and an LED puck that yielded comparable intensity, they're PAR readings will not be the same. The LED puck would yield a lower PAR reading, despite it's true intensity being relatively the same as a halide. For this reason, many people have bleached their corals by setting the LED's intensity high enough to yield comparable PAR results to halide (or T5) lighting. For some reason, LED intensity does not translate into PAR reading in the same ratio as other lighting; I can only speculate that this is due to specificity of the emitters' wavelengths.
I believe this is what they're referring to as the 'Fudge Factor'. I'm not sure if you need to add 20%-30% to your LED readings or subtract it from the target readings that you use to get from halides. Perhaps Rovster can explain more.