There is only one point when an arbiter could be added to the contract, and that is at the constructing phase. If no arbiter is added at that point, then the buyer will never be able to dispute, and the funds will forever be locked in the contract.
Funds will be locked in the contract with no way to retrieve them.
It is recommended to add another function to set the arbiter by giving the seller and the buyer the option to "vote" on a specific one.
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