A tool and a cutting insert for chip removing machining includes a tool body with an insert seat, a cutting insert mounted in the insert seat, and a fastening member. The cutting insert includes a first locking member extending in an area located outside of a central axis of the cutting insert. A second locking member configured to engage with the first locking member is provided in the insert seat. The fastening member extends through a through-hole and bears on a lower contact region of the cutting insert to press the cutting insert against a top support member provided rotationally ahead of the insert seat so that the second and first locking members lock with each other and form a radial support for the cutting insert, and on the other hand it presses an axial support region in the side surface of the cutting insert against an axial contact surface provided in the insert seat.

A double-sided cutting insert that has a positive clearance face and includes a top portion, a bottom portion substantially identical to the top portion, and a middle portion. The inscribed diameter at the middle portion is larger than the inscribed diameter at each of the top portion and the bottom portion. The double-sided cutting insert having positive clearance face provides a simplified grinding method in order to achieve the dimensional precision required as well as reduced tooling cost allowing both positive and negative double-sided cutting inserts seat in the same insert-receiving pocket on the same tool holder.