The Danish Institute of Arbitration, which is a non-profit private foundation, was founded in 1981. According to Article 2 of its Statutes, the object of the Institute is to promote arbitration in accordance with the Rules of Arbitration Procedure laid down by its Council through arbitral tribunals appointed by the Institute on a case-by-case basis. The Rules of Arbitration Procedure were revised in 2013 to bring them in line with general international standards. The new Rules came into force 1 May 2013. When appointing arbitrators, the Institute takes due account of the qualifications required from the arbitrator, as agreed between the parties, and of factors ensuring that an independent, impartial arbitrator is appointed. In cases where not all parties to the dispute reside in the same country, the Institute will appoint an arbitrator residing in a country other than those in which the parties reside, unless otherwise agreed between the parties. When appointing the members of the individual arbitral tribunal, the Institute seeks to ensure that the best possible, objective and materially correct decision is obtained. The Institute also offers mediation in accordance with the Rules of Procedure for Mediation, newly revised in 2015.