I'm one word, made from two parts.
Before this clause, some people I asked.
One thought it was time to take chances!
Another left to go where the dance is.
Because they were lateral and did not combine
In truth, of battle I am a sign.
In a very broad sense, the second word can be used to mean "applicator". This is the logic behind lines 2 and 5.
Thus, lines 3 and 4 describe the first word.
Hint 3 + requirement specification:
The title could be as much useful as the entire riddle, and its explanation is needed for the answer.