Abstract: A power tool, such as a surgical drill, has a tool element retained in a collet coupled to the output spindle of the tool. Resilient member constantly maintains the collet in its closed position. Upon rotation of the spindle in a reverse direction, opposite to its normal driving direction, a cam is actuated to open the collet against the force of the resilient member, thereby facilitating removal of the tool element from the collet. Preferably, the tool is of the cordless type and has a reversible electric motor controlled by a pair of triggers mounted on the pistol-grip handle for the tool. The triggers are conveniently disposed adjacent to each other and are easily distinguishable from one another, thereby providing for a convenient one-hand operation of the tool.