Damaged bolt and screw removing devices

A bit for removing a fastener from a work piece, said bit comprising:

• a) an elongated shaft with a longitudinal axis, said shaft having a first end, and a second end, said first end terminating in a tip and said second end of the shaft configured to be received by a tool which provides rotational torque;
• b) a plurality of non-cutting edges and a plurality of cutting edges, each of the non-cutting edges and cutting edges extending continuously from said tip to a bit periphery, said cutting edges configured to cut into a fastener when the bit is rotated in a direction opposite to an engagement direction of the fastener, and said cutting edges and said non-cutting edges alternating with each-other;
• c) a plurality of traction surfaces to grip the fastener, each traction surface extending from a respective one of the plurality of cutting edges and defining a first surface angle to the longitudinal axis and wherein at least one traction surface comprises a plurality of lineal serrations that extend across at least a portion of the at least one traction surface;
• and
• d) a plurality of relief surfaces extending between a respective one of the plurality of traction surfaces and a respective one of the plurality of non-cutting edges, each relief surface defining a second surface angle to the longitudinal axis which is different than the first surface angle.