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The Black and Red should be used to connect the two 110 volt legs from the breaker itself to the plug hot terminals.
In your case you need to connect the bare ground wire to the plugs ground terminal and then to the ground lugs in the breaker panel, be careful not to land it on the neutral lugs in the panel, look for other bare or green wires connected to the same place.
The white wire should be cut back and secured at both ends and covered with tape as it is not used. The white is generally used for the neutral or sometimes another hot leg but in this case it is not generally used based on your description.
Make sure to shut off the power at the main before you do anything.
Use of this information, while generally accurate, is at the users liability.
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