Abstract: The invention provides a toolholder assembly including a body and a nest that is suitable for holding an insert. The nest includes a notch and the body includes a support and protrusion that cooperates with the notch to permit indexing of the nest relative to the support. In one embodiment, the support includes a bias device, such as a spring, that at least partially biases the nest toward the support and an adjustment device that can at least partially counter the bias device. The invention is also directed to a toolholder assembly that additionally includes an insert and a clamp. The invention further contemplates a method for forming the assembly and a method for adjusting or indexing the orientation of the nest.