Medic's bandaging king's cuts (5)
I believe the answer is:
docks
'cuts' is the definition.
(docking is a kind of cutting)
'medic's bandaging king's' is the wordplay.
'medic's' becomes 'doc's' (doctor).
'bandaging' indicates putting letters inside.
'king' becomes 'K' (abbreviation for king in chess).
'docs' going around 'k' is 'DOCKS'.
(Other definitions for docks that I've seen before include "Cuts short - coarse weeds" , "Cuts short, curtails" , "Enclosures where defendants sit" , "Broadleaved weeds" , "Trims (tail); arrives in port" .)