Bishop organised deal that's cutting edge (5)
I believe the answer is:
blade
'cutting edge' is the definition.
(I've seen this before)
'bishop organised deal' is the wordplay.
'bishop' becomes 'b' (abbreviation for bishop in chess).
'organised' indicates anagramming the letters.
'deal' with letters rearranged gives 'lade'.
'b'+'lade'='BLADE'
'that's' is the link.
(Other definitions for blade that I've seen before include "Sword" , "Cutting part of grass?" , "London rail terminus" , "Young chap, dashing" , "cutter" .)