A circulating tool for cutting of workpieces including a carrier element that bears at least one cutter blade insert in an exactly positioned manner. A device is provided for adjusting the position of the insert relative to the carrier element and a clamping device is provided using a clamping claw, with which the insert can be fixed in the adjusted position relative to the carrier element in that the clamping claw presses the insert flat against a support surface. In order to be able to use indexable inserts of any form without providing weakening openings and to obtain the greatest possible measure of free space for configuring the tool and shaving removal with a space-saving configuration of the adjusting and clamping apparatus, the insert is accommodated in a pocket of the clamping claw and the support surface is directly constructed on the carrier element.