Hedging put back: sound cut by a small volume (7)
I believe the answer is:
evasion
'hedging' is the definition.
(I've seen this before)
'back sound cut by a small volume' is the wordplay.
'back' shows that the letters should be reversed in order.
'sound' becomes 'noise' (a noise is a sound).
'cut by' indicates putting letters inside (some letters cut into others).
'small volume' becomes 'v' (abbreviation for volume in book titles; 'small' suggests an abbreviation).
'a'+'v'='av'
'noise' going around 'av' is 'noisave'.
'noisave' written backwards gives 'EVASION'.
'put' is the link.
(Other definitions for evasion that I've seen before include "Improper avoidance" , "Dodging of responsibility etc" , "Avoidance; equivocation" , "Cunning" , "Deliberate avoidance" .)