Cherry-bound paper needed (8)
I believe the answer is:
required
'needed' is the definition.
('require' can be a synonym of 'need')
'cherry-bound paper' is the wordplay.
'cherry' becomes 'red' ('red' can be a synonym of 'cherry').
'bound' indicates putting letters inside.
'paper' becomes 'quire' (paper measurement**).
'red' enclosing 'quire' is 'REQUIRED'.
(Other definitions for required that I've seen before include "Needed" , "Essential, compulsory" , "Not optional" .)