Another interpretation to "binding senjutsu" would be Sasuke absorbing Madara's senjutsu chakra (trapping the chakra inside himself). Orochimaru refered to the word "Senjutsu" as Senjutsu chakra.Isn't that the same, as binding his senjutsu? It depends on your interpretation, but to me it seems like, what the technique can do, is that it binds him, if he uses senjutsu. In other words, it will force Madara to stop using senjutsu.
Uhm, now I am no expert at text analysis, but if I understood what you just tried to say, you said the exact same thing as me. It's like potato, potato...Another interpretation to "binding senjutsu" would be Sasuke absorbing Madara's senjutsu chakra (trapping the chakra inside himself). Orochimaru refered to the word "Senjutsu" as Senjutsu chakra.
In the other hand, binding Madara is to stop him, paralize him, trapping him, or anything alike. And, "in response to that" would be that the catalyst for this jutsu to take effect would be Madara using senjutsu chakra. So, semantically, "binding him" and "binding senjutsu chakra" are not the same... assuming the same would be mistaking cause by effect.
There are diferences, actually.Uhm, now I am no expert at text analysis, but if I understood what you just tried to say, you said the exact same thing as me. It's like potato, potato...