The Cape Town Convention 20 years on

The Cape Town Convention stands out amongst the Unidroit instruments for a number of reasons. First, it is the most successful hard law Unidroit instrument, and a rare example of truly successful hard law instrument in the commercial law sphere. Second, its creation and evolution has involved the development of many innovative devices in treaty construction and drafting. Third, because of its ‘umbrella’ structure of a main Convention and equipment-specific protocols, it creates a system which is constantly evolving and adapting to new subject matter. Fourth, through its approach to creating transnational certainty of creditor rights it can create real economic benefit. Fifth, the experience of the design and operation of the Cape Town Convention enables lessons to be learnt more generally about future treaties in the area of transnational commercial law. Twenty-one years on from its adoption, this chapter considers the specific and wider impact of the Cape Town Convention and its Protocols through consideration of these factors as a framework for evaluating the importance of the instrument in the past, the present and the future.