Directory /etc/sysconfig/network-scripts

ifcfg-bond0:
DEVICE=bond0
IPADDR=<Server IP>
NETMASK=<Server Netmask>
GATEWAY=<Server Gateway>
ONBOOT=yes
BOOTPROTO=none
USERCTL=no
BONDING_OPTS="mode=1 miimon=100"
TYPE=Ethernet

ifcfg-eth0:
DEVICE=eth0                                                                                                                                    
BOOTPROTO=none                                                                                                                                  
ONBOOT=yes                                                                                                                                        
MASTER=bond0                                                                                                                                      
SLAVE=yes
USERCTL=no

ifcfg-eth1:
DEVICE=eth1
ONBOOT=yes
BOOTPROTO=none
MASTER=bond0
SLAVE=yes
BOOTPROTO=none
TYPE=Ethernet

Directory /etc/modprobe.d
File bonding.conf should look like this:

alias bond0 bonding

Please note:: placing bonding options in modprobe file is deprecated.

If IPV6 has been disabled this error can occur:

modprobe: FATAL: Error inserting bonding (/lib/modules/2.6.18-194.17.1.el5/kernel/drivers/net/bonding/bonding.ko): Unknown symbol in module, or unknown parameter

Resolution:

Within the modprobe configuration file where IPV6 has been turned off /etc/modprobe.d/<your blacklist file.conf>

Change the line:

install ipv6 /bin/true
to
options ipv6 disable=1

Bonding module can now be loaded without problems.

Reference:

https://access.redhat.com/kb/docs/DOC-50188