Old tool for two - it's in hand (6)

I believe the answer is:

pitsaw

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'old tool for two' is the definition.
I can't judge whether this definition defines the answer.

'it's in hand' is the wordplay.
'in' is an insertion indicator.
'hand' becomes 'paw' (synonyms).
'its' put into 'paw' is 'PITSAW'.

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(Another definition for pitsaw that I've seen is " Large cutter for wood requiring two persons".)

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