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covenant (noun) agreement; promise.
When two persons enter into a formal agreement, especially about payment of money, they have a covenant, or they make a covenant. The Bible refers to the covenant God made with Abraham. That is, God promised Abraham and his progeny all protection and prosperity. Very high positions in big companies are covenanted positions. That is, they are contract jobs, the emoluments and the terms of services governed by the points of agreement between the employer and the employee.
- According to the covenant between the company and the newly appointed senior executive, she has to be available for the company round the clock.
- The millionaire businessman has created a trust for help to charity, and by covenant, has offered half a million dollars to a charitable institution.