NIC teaming is the process of combining multiple network cards together for performance, load balancing, and redundancy reasons. Use NIC teaming to group two or more physical NICs into a single logical network device called a bond. NIC teaming is also called as Load Balancing FailOver (LBFO), bandwidth aggregation, traffic failover, and so on.
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Load balancing — Outgoing traffic is automatically load balanced based on destination address between the available physical NICs.
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Fault tolerance — If one of the underlying physical NICs is broken or its cable is unplugged, server/target host detects the fault condition and automatically move traffic to another NIC in the bond.