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All that bolt on the side does is hold the plate on and doesn't concern any other parts. That being said, yes you def need that bolt cause once you start beating it the bolt on the bottom ain't enough. If your just trail ridding for one day it should be good but just watch what you hit and keep an eye on it.
I'd first try to retap it and if that don't work then put in a heli-coil type thingy. Oh and use locktite.
The chain does glid on the plastic, which holds up pretty good. It's fine.
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