The Well-Crafted Indemnity

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Myths and legends of the market

The JC’s guide to the foundational mythology of the markets.™

Birgit von Sachsen-Rampton’s dramatic depiction of the closing Sarabande from The Well-Crafted Indemnity


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The Well-Crafted Indemnity, (BWV 846–893), is a collection of two sets of standard contract precedents, one covering liquidated damages, the other general reimbursement obligations, in all common law jurisdictions, composed for sole practitioner by unsuccessful but persistent librettist Otto Büchstein.

In Büchstein’s time “indemnity” was a generic term for any kind of possible monetary advantage, however speculative, you might think to claim against the estate of an insolvent counterparty once any prospect of an ongoing revenue stream had dried up.

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