This is the crux of the issue right here. Arsenal fans can wind up Liverpool fans and Liverpool fans can swagger back, but the nuts and bolts of it will be decided by the lawyers. I am not a legal expert, but if Liverpool are right and the clause does just mean that they need to let Suarez know about an offer, it seems to be a somewhat pointless clause to put in a contract, and it then comes down to what the parties believed when they were signing it.
The letter of the contract is sometimes less significant than the intent. If Suarez believed he had a buyout clause and his agents have supporting documents to show that when they negotiated the contract, the intent of the clause was to act as a buyout, then even if it was badly transcribed into the final document, it will hold up. Not only that, but if the contract was written with the deliberate intent to deceive, then it gets worse, the contract itself could be declared void and Liverpool might end up in very bad shape.
As I say, I haven't really got a clue, but this isn't something that is going to depend on what Arsenal fans or Liverpool fans want. It is going to be a bunch of old people in a dark room pouring over very dull documents.
Liverpool have no reason to let Suarez go for that price and Arsenal probably wont want to go any higher, so it all comes down to the clause in the contract, which might well be in two languages and have a whole host of complications.