Cuts or pinches (5)
I believe the answer is:
nicks
This clue is a double definition.
'cuts' is the first definition.
(nick is a kind of cut)
'pinches' is the second definition.
(I've seen this before)
'or' acts as a link.
(Other definitions for nicks that I've seen before include "Steals (sl.)" , "US singer "Stevie"" , "chips" , "Notches - arrests" , "Pinches or makes a small cut" .)