Once you have purchased a book it shows in your "My Library". (Top of your smashwords page in blue bar..)
You can go any number of times and redownload any and all formats.. Just click on that book in your library, it comes up, it says "you have already purchased this book" under the price, and you just choose what format you want to download again.
(Just to be on the "safe" side.. in case the author pulls the book and redownloads may not be possible ... I download in ePub and my lrf formats.... sometimes the pdf for the illustrations)
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