I am not familier with Woods model numbers, but I am going to assume your cutter is a rotary cutter (or commonly referred to a a bush hog type cutter).
Anyway, If my assumption is correct then your removable left side plate is considered a "hay side" option. In other words, you remove the plate to cut hay as it helps discharge the grass quicker without shredding it up as much. While not the perfect tool for doing hay (as there are better, but much more expensive choices to both buy and maintain). That said the "hay side" cutters can work decently for small low budget hay operations as their primary benefit is that the maintenance costs are practically zero for them although their will be some sacrifices in hay yield loss.
All in all a desirable feature in my opinion as I have had to use a bushog before in my small low budget hay operation. If you do not plan to do any hay, then simply leave the plate bolted on and use it as you would a regular bushog. In short, you have 2 tools in one.