We examine the two parameter deformed superalgebra $U_{qs}(sl(1|2))$ and use the results in the construction of quantum chain Hamiltonians. This study is done both in the framework of the Serre presentation and in the $R$-matrix scheme of Faddeev, Reshetikhin and Takhtajan (FRT). We show that there exists an infinite number of Casimir operators, indexed by integers $p > 1$ in the undeformed case and by $p \in Z$ in the deformed case, which obey quadratic relations. The construction of the dual superalgebra of functions on $SL_{qs}(1|2)$ is also given and higher tensor product representations are discussed. Finally, we construct quantum chain Hamiltonians based on the Casimir operators. In the deformed case we find two Hamiltonians which describe deformed $t-J$ models.