It's only fair (4)
I believe the answer is:
just
This clue is a double definition.
'it's only' is the first definition.
('just' can be a synonym of 'only')
'fair' is the second definition.
('just' can be a synonym of 'fair')
(Other definitions for just that I've seen before include "legal?" , "By a whisker" , "Barely - equitable" , "Simply - fair" , "Recently" .)