I am a bit confused by the difference between these two lists in multi-term (by the way where is the official repository hosted?)
term-bind-key-alist
I saw recipe multi-term.rcp for el-get, it is downloaded from emacswiki.
term-bind-key-alist is for functions like term-send-up or term-previous-input, whose keybinds are set in "emacs style" instead of "term style".
term-unbind-key-list is an analog for setup 'nil (see ansi-term in character mode). By default almost all keys in term-raw-map are binded to function term-send-raw and 'nil just unbinds them.
term-bind-key-alist and term-unbind-key-list are used over of term-raw-map (character mode) and term-mode-map(line mode) in multi-term.el isn't used at all.
I don't use multi-term, I setup term-mode-map and term-raw-map directly. For example for switching between modes:
(define-key term-mode-map (kbd "C-j") 'term-char-mode)
(define-key term-raw-map (kbd "C-j") 'term-line-mode)