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Combine caramel, water, and butter, microwave uncovered on high for 3-3 1/2 minutes, stirring every 30 seconds. Stir in the pecans. Dip by Tbsp. onto greased baking sheet. Freeze for 15-20 minutes or until set. Combine chips, microwave on high 1-2 minutes, stir until smooth. Dip caramel cluster in coating. Place on wax paper lined baking sheet. Chill until firm. Store in refrigerator or freeze.
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