Saw is good, cutting hardware evenly (5)
I believe the answer is:
adage
'saw' is the definition.
(saw can mean a proverb or saying)
'good cutting hardware evenly' is the wordplay.
'good' becomes 'g' (abbreviation).
'cutting' means one lot of letters goes inside another (some letters cut their way into a word).
'evenly' indicates alternate letters (the letters in even-numbered positions).
The alternate letters of 'hardware' are 'adae'.
'g' inserted within 'adae' is 'ADAGE'.
'is' is the link.
(Other definitions for adage that I've seen before include "Saying, saw" , "Dictum" , "Proverb, maxim" , "Axiom" , "Maxim, aphorism" .)