Covenant is an unbreakable agreement which binds two parties together. That is, two or more parties coming together to make a contract, agreeing on promises, privileges and responsibilities.
In cutting of covenant elements such as coat, belt, names, meals and blood are exchanged to seal or validate the terms and conditions of the covenant. Examples of covenant in the word of God include Abimelech and Isaac (Genesis 26:26-31), Joshua and the Gibeonites (Joshua 9:15), David and Jonathan (1 Samuel 20:16-17). When covenant are cut and established, all assets, talents, debts and liabilities are mutually shared.
The word of God talks about we having a new covenant with better promises and terms (Hebrew 8:6). If new, then then this suggest there was an old covenant with its terms and conditions (Hebrews 8:7). The prophet Jeremiah also prophesied using both old and new as reference in the book of Jeremiah 31:31. The old covenant was established when the agreed to the terms and blood of an animal was used to validate or seal it (Exodus 24:8, Deuteronomy 29:1-14).
One of the terms of the old covenant for dealing with sin was by death or providing animals to the high priest for sacrifice of atonement on your behalf, the high priest needed to atone for himself in other not to face the wrath of God when he enters the Holy of Holies to perform his duties. Sacrifices could only be offered by the high priest, because none including the high priest was born again or had rebirth spirit to access the God’s Spirit.
In the new covenant which is based promises and terms, Jesus used His blood as an element in validating or sealing it (Matthew 26:26-29). Jesus was the last high priest who offered Himself as sin offering and presented His blood for my sins and gave me direct access to God’s Spirit and presence (Hebrews 9:11-14). By offering His blood, He gave me the ability to receive salvation and forgiveness of sin which was not available under the old covenant, this makes the new covenant better with its promises. Under the new covenant all my sins are fotlrgiven and are not remembered again and not covered as it was in the old covenant (Psalm 103:12). I received salvation and new birth, have access to my Father and His presence anytime, and can call God my Father and have good relationship with Him all because of a new covenant package and inheritance (Ephesians 1:11, Hebrews 9:15).
I did nothing for this package and inheritance, but to only believe, since it’s all finished for me and by believing all these assets, promises and privileges have been transferred to me with no debts or liabilities attached.