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Deals damage and traps the target for 4-5 turns, dealing 1/16 of the target's maximum HP at the end of each of those turns and preventing the target from switching. If the user is holding a Grip Claw, it traps the target for 5 turns all the time. If a trapped Pokemon uses Rapid Spin, it will be freed. If the user is holding a Binding Band, the damage dealt at the end of each turn increases to 1/8 of the target's maximum HP. The target can still switch out if it is holding Shed Shell or uses Baton Pass, U-turn, or Volt Switch. This effect is not stackable or reset by using this or another partial-trapping move.
Bind does not have much merit competitively; where it is used, it will be largely for its trapping effect rather than for its damage output. Additionally, it is one of the weaker trapping moves, and the Pokemon that learn it are not well-suited to the job. To make use of the trapping effect and the extra damage, you may want to consider additional sources of damage, such as Toxic and sandstorm, to ensure that the opponent is KOed before the effect runs out.
Wrap is an equivalent move, but with higher accuracy.
Fire Spin is a more powerful Fire-type variant.
Whirlpool is a more powerful Water-type variant.
Clamp is a more powerful physical Water-type variant.
Sand Tomb is a more powerful physical Ground-type variant.
Magma Storm is a much more powerful, but less accurate, Fire-type variant.