Quote:
Originally Posted by Howard1650
Plus there appears to be some adjustment on the 'slip'. The tighter the nut the harder it is to slip. There is about 1/8 of a turn from free to locked. 
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I noticed this when I put my C.O.W in, At first I thought I'd put it together wrong but its fine. It deffo looks like an adjuster because of the use of fibre washers either side of the pulley instead of plastic or metal.