A dual use compression clip and surgical port device where the device serves as a surgical compression clip and surgical port in surgical procedures. The device comprises two compression elements each constructed having a bounding surface which when taken together form the boundary of a surgical port and one or more hinge elements in mechanical communication with the compression elements allowing the compression elements and the device to move from an open arrangement to a closed arrangement. The device also includes one or more apertures on each of the compression elements sized and configured to receive the insertion elements of an applicator instrument so that a force applied by the applicator instrument brings the device and compression elements from their open arrangement to their closed arrangement. A system and method for use of the device is also discussed.