Abstract: A cutting tool includes a tool holder and a cutting bit secured to the tool holder by a clamping jaw. The tool holder has a recess defining a seating surface against which the clamping jaw bears to secure the cutting bit to the tool holder. The cutting bit has cutting means on both longitudinal end portions, and the position of the cutting tool on the tool holder may be changed so that either cutting means may be used. The recess in the cutting bit is constructed and arranged such that the cutting bit may be mounted in two different positions on the tool holder utilizing the same recess for accommodating the clamping jaw.