You'll find the binding has hairline cracks in it where it bends round the body. The tighter the radius, the more cracks you get.

Stain tends to get in the cracks, spirit based more so than water based, and can be almost impossible to get out. So masking is strongly advised. You can use pinstriping tape (3M do good 3mm and 6mm wide vinyl tapes) or you can paint on rubber masking compound. There are other methods that people here use that I've forgotten.

Just be aware that the stretchy vinyl tape tends to pull away in concave curves, so I tend to use vinyl tape on the top (as it follows curves so well) and a paper tape on the sides.

You may need to sand or scape the binding to clean things up afterwards, but that's fairly easy to do.

It is normal to clear coat over the binding, but some people leave it as it is. I always clear coat it.