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 ===Of the Animal Spirits===
-Few things are more apt to excite an adequate attorney’s animal spirits than the request of an [[indemnity]]. Once a noble creature of the common law, in the hands of mediocre lawyers the indemnity has fallen upon hard times. Rather than a means of prudently allocating unwanted outcomes, it is seen, to those who would wield it, like a [[smart bomb]] that will surgically eliminate all evil whilst vouchsafing loved ones to the bosom of the Earth. To those asked for to give one, on the other hand, an indemnity invokes the closing stages of a Joseph Conrad novel.
+Few things are more apt to excite an lawyer’s animal spirits than sight of an [[indemnity]]. Once a proud creature of the common law, in the hands of mediocre lawyers this noble beast has fallen upon hard times. Where once it prudently allocated unwanted outcomes, now the indemnity is seen, by those who would wield it, as a [[smart bomb]] for surgically eliminating evil whilst vouchsafing loved ones to the bosom of the Earth. Those asked to indemnify, on the other hand, feel their throats tighten in a manner redolent of the closing stages of a Conrad novel.
 ====What an indemnity is====
 Why the excitement, you might ask, for isn’t an indemnity simply a promise to pay a defined sum should pre-agreed circumstances arise?
-Quite so, if used as the Lords intended.
+Quite so, if used as the Lords intended. For an indemnity is a sensible way — perhaps the only way — to allocate the risks of externalities two merchants might encounter when providing one another goods and services.
-An indemnity is a sensible way — perhaps the only way — to allocate the risks of externalities two merchants might encounter when providing one another goods and services.
 ====What a (well-crafted) indemnity is not====