AS USUAL, Electrical or Legal questions get more opinions and response then any other questions posted here, drawing everyone including myself out of the woodwork, including Billy Bob and Bubba lol
HERES THE DEAL IFFFFFFFFFFFf your welder is straight 240 volt with NOOOOOOO 120 VAC, as typical for a ton of those old 240 VAC buzz box Lincoln and other welders out there..
The two hot ungrounded 240 VAC line to line conductors (often red and black) connect to the 2 side terminals
HOWEVER THE (often Green/Bare) SAFETY EQUIPMENT GROUNDING CONDUCTOR IS THE THIRD TERMINAL which connects to the Equipment Ground Buss (where Greens and Bares attach) in your 120/240 Volt Single Phase Three Wire Panel and NOTTTTTTTTTTTTTTTTTTTT I repeat NOTTTTTTTTTTTTTTT the Neutral Buss (where whites connect)
NOTE if your panel is indeed a sub panel served by your homes main panel and was wired per the latest NEC ???? (I have no idea) it will have separate and isolated Neutral and Ground Busses, UNLIKE the main panel in which Neutral is bonded to Ground.
BUT THE WELDERS CASE FRAME (if its straight 240 no 120) is bonded to the safety third wire green/bare equipment grounding conductor which you wire to the Ground Buss in your sub panel NOTTTTTTTTTTTT the Neutral
NOTE I have no way sitting here knowing what plug or receptacle your welder uses so I cant comment on that, so I'm ONLY saying how typical old buzz box straight 240 VAC with NO 120 Welders are wired and that third bare/green safety equipment grounding conductor connects to GROUND in the panel and nottttttttttttttttttt Neutral
If in doubt consult a local competent trained professional electrician and local authority and take their advice versus any of us (me included) who aren't there in person to make an inspection.
John T Retired AC Power Distribution Electrical Engineer
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