A retaining system including a power cord retaining system and a cord plug retaining system for use with a power tool. The power cord retaining system is configured for accommodating an extension cord and includes a cord capture formation for retaining the extension cord disposed on the tool, and a cord channel disposed on the tool and configured for supporting a loop of the cord substantially along an arc defined by the loop. In the preferred embodiment, the cord capture formation defines an enclosed aperture for retaining the cord at two points, and the cord channel defines a semi-circular arc for supporting the cord loop substantially along its apex. The plug retaining system is configured for maintaining electrical continuity between the plug and the receptacle and includes a contact portion for engaging a plug or a cord, and an attachment device for attaching the contact portion to the tool.