jviss is correct.
Scott, you may be interested in reading this (Dockhead sails his 54 foot yacht to the Baltic every summer from Cowes. He has written extensively on navigation and Colregs issues.)
http://www.cruisersforum.com/forums/f57/thread-for-basic-colregs-questions-189778.html
For those of your who don't click on links, here is the start of that looong thread:
It works completely differently at sea. Let me count the ways:
1. Unlike right of way, the requirements to stand-on and give-way under the COLREGS is not a permanent status which applies during all phases of a crossing. These obligations arise only after (a) vessels are in sight of one another; and (b) a risk of collision exists. And this order of maneuvering ends when either the stand-on vessel has a reasonable doubt as to the efficacy of the give-way vessel's maneuver, or action by the stand-on vessel is required.
2. Unlike the vehicle privileged with right of way, the vessel designated as the stand-on vessel remains at all times equally responsible for avoiding the collision. Standing-on does not mean proceeding heedlessly -- it means taking the passive role -- "holding still" -- so that the give-way vessel, which has the active role, can work out and execute a maneuver. The stand-on role is actually less privileged than the give-way role -- the give-way vessel has an actual right -- that is, to initially determine how the vessels will cross.
3. Unlike the vehicle privileged with right of way, the stand-on vessel has no right to maneuver as it likes. Because, as has been said, standing on is not a right. Standing-on is in fact an
obligation – you are legally obligated to hold your course and speed for a certain phase of a crossing with another vessel, and this obligation is not a joke, and not something you have a right to ignore. That’s because the give-way vessel – which is actually more “privileged” than the stand-on vessel, because the give-way vessel has the right initially to determine how the two vessels will cross – needs to be able to count on your course and speed in order to work out the crossing. That’s why
commercial skippers say over and over again to us – “Stand-on, for God’s sake, when you are required, and don’t jink around out there like a WAFI. Follow the Rules!”.
The terms "privileged" and "burdened" were banished from the Rules with the 1972 revisions, for the specific purpose of being very clear about all of the above, and to try to stamp out all of the misconceptions which come from this "right of way", "privilege", and "burden" thinking. There are notes to the 1972 IMO Convention available online if you want to read more.