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It's just a terminal point, mating those wires together. I'd cut the ends off put a good ceramic wire nut on it and let 'er go. If you are not comfortable with wire nuts use sta-kons, crimp them on bolt them together and tape 'em up. Those pressure-type terminal points are notorious for vibrating loose. Putting a replacement of the same type on is ok, if it's kept tight, but you still have a new, problem prone connection.
Jerry
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