Happy Easter: Discussion of covenants, etc. is best understood with the following paragraph which offers the greatest economy of words.
“All covenants, contracts, bonds, obligations, oaths, vows, performances, connections, associations, or expectations, that are not made and entered into and sealed by the Holy Spirit of promise, of him who is anointed, both as well for time and for all eternity . . . are of no efficacy, virtue, or force in and after the resurrection from the dead; for all contracts that are not made unto this end have an end when men are dead.” (Revelation relating to the new and everlasting covenant, July 12, 1843, [1831] Doctrine & Covenants 132:7) Ordinances are covenants, writes Joseph Fielding Smith:

Each ordinance and requirement given to man for the purpose of bringing to pass his salvation and exaltation is a covenant.
1. Baptism for the remission of sins is a covenant. Taking sacrament weekly in our regular service renews that covenant.
2. The Holy Priesthood is accepted by an oath and covenant and is binding upon those who receive it. They obligate themselves to keep faithfully all the commandments of God and to magnify their callings by honoring and exercising the priesthood in righteousness for the benefit and blessing of mankind.
3. "Keeping the Sabbath day holy is a covenant. . . .
4. All of the Ten Commandments are everlasting covenants.
5. The law of tithing is a form of an everlasting covenant . . . although some day we shall be given a higher form of this law known as consecration.
6. "Marriage is an everlasting covenant." (Church News, May 6, 1939; Doctrines of Salvation, 1:152-53)
7. The Sealing of a family within the Eternities is a covenant.
8. The new and everlasting covenant is the sum total of all gospel covenants and obligations. This pertains to the fullness of the gospel as pertaining to the Dispensation of Fullness of Times. The earth also is defiled under the inhabitants thereof; because they have transgressed the laws, changed the ordinance, broken the everlasting covenant. (Isaiah prophesies, 740-659 B.C.) Isa.24:5
9. The Temple ordinances of the endowment embody certain obligations on the part of the individual, such as covenant and promise to observe the law of strict virtue and chastity, to be charitable, benevolent, tolerant and pure; to devote both talent and material means to the spread of truth and the uplifting of the race; to maintain devotion to the cause of truth; and to seek in every way to contribute to the great preparation that the earth may be made ready to receive her King,-the Lord Jesus Christ. With the taking of each covenant and the assuming of each obligation a promised blessing is pronounced, contingent upon the faithful observance of the conditions.

I have also been impressed by Alma’s explanation of the baptismal covenant:
“Behold,” said he to the assembled believers, “here are the waters of Mormon … and now, as ye are desirous to come into the fold of God, and to be called his people, and are willing to bear one another’s burdens, that they may be light;
“Yea, and are willing to mourn with those that mourn; yea, and comfort those that stand in need of comfort, and to stand as witnesses of God at all times and in all things, and in all places that ye may be in, even until death, that ye may be redeemed of God, and be numbered with those of the first resurrection, that ye may have eternal life—
“Now I say unto you,” continued Alma, “if this be the desire of your hearts, what have you against being baptized in the name of the Lord, as a witness before him that ye have entered into a covenant with him, that ye will serve him and keep his commandments, that he may pour out his Spirit more abundantly upon you?
“And now when the people had heard these words, they clapped their hands for joy, and exclaimed: This is the desire of our hearts.
“And now it came to pass that Alma took Helam, he being one of the first, and went and stood forth in the water, and cried, saying: O Lord, pour out thy Spirit upon thy servant, that he may do this work with holiness of heart.

“The fate of the covenant breaker was most severe. "And the soul that sins against this covenant, and hardeneth his heart against it, shall be dealt with according to the laws of my church, and shall be delivered over to the buffetings of Satan until the day of redemption." The breaking of any covenant that our Father in heaven makes with us, is a dreadful thing. We make a covenant in the waters of baptism. Many have broken it, and hence lose the promised blessings. All through our lives we are called to enter into covenants and many members of the Church seemingly fail to realize the seriousness of a violation or to understand that punishment must inevitably follow. Solemn covenants are taken by members of the Church in the Temples. These covenants are to prepare us for an exaltation. Yet there are many who receive them who utterly fail to heed them, but presumably, they think the Lord has a short memory, or that he is so extremely merciful that he will break his promises and the punishment mentioned for the violation will not be inflicted. In this manner many deceive themselves.” Joseph Fielding Smith
When thou vowest a vow unto God, defer not to pay it; for he hath no pleasure in fools: pay that which thou hast vowed.
5. Better is it that thou shouldest not vow, than that thou shouldest vow and not pay. (Reflections of a son of David the king) Eccl.5:4-5