Meaning: This sentence describes how the bond of friendship is a valuable and important gift.
Choice of Words: "Friendship's" is the possessive form of the noun "friendship", indicating that the bond belongs to friendship. "Bond" is a noun that refers to a connection or link between two or more things. "Precious" is an adjective that means very valuable or important. "Gift" is a noun that refers to something given to someone without expecting anything in return.