God’s covenant is an act of the unconditional privilege of his chosen people.

A covenant is when two individuals or groups, differing but acknowledging integrity and sovereignty pledge to achieve together what neither can achieve alone. Covenant is used to create a bond of trust to reveal human beings’ true identities as children of God through the word honored in mutuality.

http://www.methodist.org.nz/files/docs/faith%20and%20order/covenant%20renewal.pdf