A tool for installing a blind fastener. The tool includes a retention member and a gripping member that defines a longitudinal axis and is moveable relative to the retention member along the longitudinal axis, the gripping member further defining a receiving cavity that is elongated along the longitudinal axis, an axial opening into the receiving cavity, and a radial opening into the receiving cavity. The tool also includes a contact element at least partially received in the radial opening and a locking collar moveable relative to the gripping member along the longitudinal axis between at least a first position and a second position. In the first position the locking collar engages the contact element and urges at least a portion of the contact element into the receiving cavity. In the second position the locking collar is disengaged from the contact element.