diff --git a/CHANGELOG.md b/CHANGELOG.md
index d38286dcc..34fc5a7c9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -50,6 +50,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 - Updated `ToolkitTask` system prompt to no longer mention `memory_name` and `artifact_namespace`.
 - Models in `ToolkitTask` with native tool calling no longer need to provide their final answer as `Answer:`.
 - `EventListener.event_types` will now listen on child types of any provided type.
+- Only install Tool dependencies if the Tool provides a `requirements.txt` and the dependencies are not already met.
 
 ### Fixed
 
diff --git a/MIGRATION.md b/MIGRATION.md
index 74c83c347..f52435f7e 100644
--- a/MIGRATION.md
+++ b/MIGRATION.md
@@ -35,7 +35,6 @@ Defaults.drivers_config = AnthropicDriversConfig(
 )
 ```
 
-
 ## 0.33.X to 0.34.X
 
 ### Removed `CompletionChunkEvent`
diff --git a/docs/griptape-tools/official-tools/prompt-summary-tool.md b/docs/griptape-tools/official-tools/prompt-summary-tool.md
index e2b4c49ec..23c35c367 100644
--- a/docs/griptape-tools/official-tools/prompt-summary-tool.md
+++ b/docs/griptape-tools/official-tools/prompt-summary-tool.md
@@ -4,7 +4,7 @@ The [PromptSummaryTool](../../reference/griptape/tools/prompt_summary/tool.md) e
 --8<-- "docs/griptape-tools/official-tools/src/prompt_summary_tool_1.py"
 ```
 
-```
+````
 [08/12/24 15:54:46] INFO     ToolkitTask 8be73eb542c44418ba880399044c017a
                              Input: How can I build Neovim from source for MacOS according to this https://github.com/neovim/neovim/blob/master/BUILD.md
 [08/12/24 15:54:47] INFO     Subtask cd362a149e1d400997be93c1342d1663
@@ -103,4 +103,4 @@ The [PromptSummaryTool](../../reference/griptape/tools/prompt_summary/tool.md) e
 
                              By following these steps, you should be able to build and install Neovim from source on macOS. For more detailed instructions and
                              troubleshooting tips, refer to the [BUILD.md](https://github.com/neovim/neovim/blob/master/BUILD.md) file in the Neovim repository.
-```
+````
diff --git a/griptape/tools/base_tool.py b/griptape/tools/base_tool.py
index 7efa9f77f..8601c62ee 100644
--- a/griptape/tools/base_tool.py
+++ b/griptape/tools/base_tool.py
@@ -7,8 +7,10 @@
 import subprocess
 import sys
 from abc import ABC
+from pathlib import Path
 from typing import TYPE_CHECKING, Any, Callable, Optional
 
+import pkg_resources
 import schema
 from attrs import Attribute, Factory, define, field
 from schema import Literal, Or, Schema
@@ -55,7 +57,11 @@ class BaseTool(ActivityMixin, SerializableMixin, ABC):
     off_prompt: bool = field(default=False, kw_only=True, metadata={"serializable": True})
 
     def __attrs_post_init__(self) -> None:
-        if self.install_dependencies_on_init:
+        if (
+            self.install_dependencies_on_init
+            and self.has_requirements
+            and not self.are_requirements_met(self.requirements_path)
+        ):
             self.install_dependencies(os.environ.copy())
 
     @output_memory.validator  # pyright: ignore[reportAttributeAccessIssue]
@@ -84,6 +90,10 @@ def abs_file_path(self) -> str:
     def abs_dir_path(self) -> str:
         return os.path.dirname(self.abs_file_path)
 
+    @property
+    def has_requirements(self) -> bool:
+        return os.path.exists(self.requirements_path)
+
     # This method has to remain a method and can't be decorated with @property because
     # of the max depth recursion issue in `self.activities`.
     def schema(self) -> dict:
@@ -223,3 +233,13 @@ def to_native_tool_name(self, activity: Callable) -> str:
             raise ValueError("Activity name can only contain letters, numbers, and underscores.")
 
         return f"{tool_name}_{activity_name}"
+
+    def are_requirements_met(self, requirements_path: str) -> bool:
+        requirements = Path(requirements_path).read_text().splitlines()
+
+        try:
+            pkg_resources.require(requirements)
+
+            return True
+        except (pkg_resources.DistributionNotFound, pkg_resources.VersionConflict):
+            return False
diff --git a/tests/unit/tools/test_base_tool.py b/tests/unit/tools/test_base_tool.py
index 5ac3849d5..94a4f1442 100644
--- a/tests/unit/tools/test_base_tool.py
+++ b/tests/unit/tools/test_base_tool.py
@@ -1,5 +1,6 @@
 import inspect
 import os
+import tempfile
 
 import pytest
 from schema import Or, Schema, SchemaMissingKeyError
@@ -315,3 +316,31 @@ def test_method_kwargs_var_injection(self, tool):
 
         params = {"values": {"test_kwarg": "foo", "test_kwarg_kwargs": "bar"}}
         assert tool.test_with_kwargs(params) == "ack foo"
+
+    def test_has_requirements(self, tool):
+        assert tool.has_requirements
+
+        class InlineTool(BaseTool):
+            pass
+
+        assert InlineTool().has_requirements is False
+
+    def test_are_requirements_met(self, tool):
+        assert tool.are_requirements_met(tool.requirements_path)
+
+        class InlineTool(BaseTool):
+            pass
+
+        # Temp file does not work on Github Actions Windows runner.
+        if os.name != "nt":
+            with tempfile.NamedTemporaryFile() as temp:
+                temp.write(b"nonexistent-package==1.0.0\nanother-package==2.0.0")
+                temp.seek(0)
+
+                assert InlineTool().are_requirements_met(temp.name) is False
+
+            with tempfile.NamedTemporaryFile() as temp:
+                temp.write(b"pip")
+                temp.seek(0)
+
+                assert InlineTool().are_requirements_met(temp.name) is True