Tool on a chain, perhaps (3)
I believe the answer is:
saw
'tool' is the definition.
(saw is a kind of tool)
'on a chain perhaps' is the wordplay.
'on' means one lot of letters goes inside another (as in clothing 'on' a person).
'chain perhaps' becomes 'sw' (I can't explain this - if you can you should believe this answer much more).
'a' placed inside 'sw' is 'SAW'.
Can you help me to learn more?
(Other definitions for saw that I've seen before include "Viewed; adage" , "Gnome" , "Perceived visually" , "Wise saying or cutting tool" , "Noticed - tool" .)