Tynwald Day is the National Day of the Isle of Man.
The Members of the Manx parliament (Tynwald) meet at St John's in the west of the island for the ceremony.
It is traditionally held on July 5th except when that date falls at the weekend - then it is moved to the following Monday.
This year, as in 2009, we are streaming live video coverage of Tynwald Day right here on the BBC Isle of Man website.
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What's happening on Tynwald Day 2010?
At Tynwald 2010 Dr Brian Stowell will receive the highest accolade Tynwald can bestow upon a member of the public- the Tynwald Honour.
73 year-old Dr Stowell is considered to be the one of the primary movers behind the Manx Language, having written several language courses and publishing the first full length novel in Manx.
He will be presented with the Tynwald Honour on Tynwald Day in the chapel.
Dr Stowell will be the fourth person to receive this award. The others are the artist, Norman Sayle, farmer and journalist, Harvey Briggs and entertainer Ian Qualtrough.
During Tynwald 2010 there will be various activities in and around the Tynwald field including Manx dancing, dog agility trials, Viking re-enactment battles, Punch and Judy shows and karate demonstrations.
In the evening the annual open air Music festival will feature
The Isle of Man Farmer's Market is being held in the Government Department car park between 2pm and 5pm.