NIC Bonding / teaming refers to redundant NICS - setting up two NICs on the same machine in a way so that if one fails, the other can perform without any interpuption. It allows both NICS to have the same IP and MAC address.

There are numerous guides on the internet showing how to accomplish this, however this is what worked for myself on Debian:

Install ifenslave:

apt-get install ifensalve

Add the lines below to the bottom of /etc/modprobe.d/aliases

alias bond0 bonding
alias eth0 e100
alias eth1 e100
options bonding mode=0 miimon=100

Add the lines below to the bottom of /etc/modprobe.d/arch/i386

alias bond0 bonding
options bonding mode=0 miimon=100 downdelay=200 updelay=200

Edit /etc/network/interfaces and comment out everything that refers to the exisitng interfaces - eth0 and eth1 in the scenario. Then configure the new bond0 interface like this for example:

iface bond0 inet static
   hwaddress ether 00:03:B3:48:50:2D
   post-up ifenslave bond0 eth0 eth1

Now perform the following commands for the config to take affect:

modprobe bonding
/etc/init.d/networking restart

Some strange behaviour may occur initially, like duplicate pings being reported for instance. Wait 15 mins before testing the setup.