Abstract: A cutting tool with precisely adjustable disposable cutting inserts. In the preferred embodiment of a face milling cutter, the tool utilizes insert holding cartridges mounted in cavities spaced about the periphery of the cutter body, each cartridge including an insert mounting pocket for presenting each insert such that its cutting portion extends beyond a face of the cutter body. The insert mounting portion of each cartridge is rendered flexible by a slot in the cartridge body. A wedge mechanism adjacent each cartridge causes the cartridge to bend in a manner such that the insert cutting tip will traverse an arcuate path thereby finally and precisely varying the extent to which the cutting portion of the insert extends beyond the cutter body face.