Model waveforms are used in gravitational wave data analysis to detect and then to measure the properties of a source by matching the model waveforms to the signal from a detector. This paper derives accuracy standards for model waveforms which are sufficient to ensure that these data analysis applications are capable of extracting the full scientific content of the data, but without demanding excessive accuracy that would place undue burdens on the model waveform simulation community. These accuracy standards are intended primarily for broad-band model waveforms produced by numerical simulations, but the standards are quite general and apply equally to such waveforms produced by analytical or hybrid analytical-numerical methods.