Abstract: A knife assembly for a chipper, which is intended to be installed in the knife frame includes a counter knife, a reversible knife including two cutting bevel edges, and a clamp. In addition, the knife assembly includes securing devices for securing the clamp and at least one locking piece running parallel to the longitudinal axis of the reversible knife to prevent lateral movement of the reversible knife relative to the counter knife. The reversible knife, the counter knife, and the locking piece are arranged in such a way that the position of the reversible knife relative to the knife frame can be set as desired. The locking piece is also arranged to form a fixed part of the reversible knife or the counter knife, and the counter knife is fitted to the knife frame using shape-locking.