VLBI (very long baseline interferometry) is a powerful technique for measuring high-precision geometric parameters. Step one in the processing of the received signals from one baseline is to estimate the delay and delay rate. The next step is to estimate the geometric parameters from the delay and delay rate estimates. Expressions for the accuracy of the delay and delay rate estimates are developed. A VLBI system consisting of one master receiving station and one remote receiving station is considered. The system is receiving and processing just one microwave frequency window.