Fault tolerance refers to a system's ability to continue operating without interruption when components fail. It uses redundant backup components to take over for failed parts. This ensures high availability and prevents disruptions from single points of failure. Fault tolerance is important for disaster recovery and business continuity. It differs from high availability in focusing on continuous operation rather than minimizing downtime. Load balancing and failover provide fault tolerance for web applications by allowing them to run on multiple nodes and switch traffic during failures.