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Are you sure it's the collar that's slipping?

All too frequently, it's the collet that's slipping on the router bit shank. Cleaning the collet as well as the collet hole in the router shaft may be needed. Clean them, but don't apply any lubricant at all to the collet or shaft hole. Collets do wear out, so a replacement may be necessary in time. I dip my collets in alcohol after thoroughly cleaning them, to remove all traces of any stray lubricant that may remain on/in them.

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