Binding is about every element having the decision power and representing itself, when it comes to events.
Delegation defines a mandated proxy to handle the events in the name of a group of elements. It's still binding but on different, higher levels.
Binding may take longer to set up before being ready to execute and can get difficult to manage in code. Delegation may take longer to execute but it's easier to maintain.
Think of "binding vs. delegation" as of "event binding vs. event binding delegation based on event bubbling effect".
If you take a needle and poke your self in the little finger with it, event bubbling will make the information in the form of pain data to travel along your arm, upper body, up to your brain.
If you click a link which is inside a list element, the event will bubble up the li>ul>...>body>html>document>window route. This makes brain delegation possible, and it will make you slap yourself in the face for playing around with needles. In the theory anyway. In reality you could just delegate/capture the click event to the ul instead of binding click events on each li, all the while contemplating for things to do, other than torturing yourself.