You can use it wherever you need redundant links, fault tolerance or load balancing networks. It is the best way to have a high availability network segment. A very useful way to use bonding is to use it in connection with 802.1q VLAN support (your network equipment must have 802.1q protocol implemented).
modes of bonding
Active-backup policy: Only one slave in the bond is active. A different slave becomes active if, and only if, the active slave fails. The bond’s MAC address is externally visible on only one port (network adapter) to avoid confusing the switch. This mode provides fault tolerance. The primary option affects the behavior of this mode.
XOR policy: Transmit based on [(source MAC address XOR'd with destination MAC address) modulo slave count]. This selects the same slave for each destination MAC address. This mode provides load balancing and fault tolerance.
Broadcast policy: transmits everything on all slave interfaces. This mode provides fault tolerance.
IEEE 802.3ad Dynamic link aggregation. Creates aggregation groups that share the same speed and duplex settings. Utilizes all slaves in the active aggregator according to the 802.3ad specification.