One's precariously balanced here on side of cutter (5-4)
I believe the answer is:
knife-edge
'cutter' is the definition.
(I know that knife-edge is a type of knife)
'one's precariously balanced here on side' is the wordplay.
I cannot really understand how this works, but
'side' could be 'edge' (edge is a kind of side) and 'edge' is found within the answer.
'one' could be 'i' (Roman numeral) and 'i' is present in the answer.
This may be the basis of the clue (or it may be nonsense).
'of' is the link.
Can you help me to learn more?
(Another definition for knife-edge that I've seen is " precarious situation".)