Sorry to drag this out chaps but with the greatest of respect, I think that Hooligan Bill`s interpretation of Rule 37 4(b) is incorrect. Also The Rules of the Air are neither ATC instructions nor phraseology but are simply rules for pilots written in plain, non-technical English.
The rule in question states that "when two flying machines are on converging courses, the one which has the other on its right shall give way to the other and shall avoid crossing ahead of the other unless passing well clear of it.
The conjunction "and" is crucial to the meaning. It joins two clauses having equal weight. If there is a danger of a collision then the relevant aircraft allows the other to go first by giving way.
If, however, the two aircraft are on converging courses but the one which would be required to give way can pass well clear ahead, then there is no need for him to give way.
I think for Hooligan Bill`s interpretation to be valid the "and" would need to be "but".
This IMHO does not change the meaning of "give way" which I contend remains as in my first post.
As former President Clinton famously said in the wake of the Monica Lewinsky affair, "It depends what you mean by `is`."
In this case it depends what you mean by `and`.