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In most circumstances the rules specify that, where a risk of collision exists, one vessel is the give-way vessel and the other is the stand-on vessel. The stand-on vessel should maintain her course and speed in order to allow the give way vessel to correctly assess the situation and to keep out of the way.
This does not mean that any vessel has "right of way". Indeed the stand-on vessel
may take action to avoid collision as soon as it becomes clear that the give-way vessel is not taking appropriate action and
must take avoiding action when it comes clear that a collision cannot be avoided by the actions of the give-way vessel alone.
Here anticipation and good seamanship come into play. The give-way vessel must take early and substantial action to avoid the collision. Small alterations of course and / or speed will not necessarily be apparent to the stand-on vessel. Similalry, if the stand-on vessel judges it prudent to take avoiding action, it's manoeuvre must be substantial and should generally be to turn away from the give-way vessel.
Does the Rule of the Road give one vessel right of way over another?