WORLD RELIGIONS

Detailed explanation-1: -A bond covenant sets out certain activities that must be undertaken, or what activities are forbidden, by a bond issuer. Covenants are legally binding clauses, and if breached will trigger compensatory or other legal action.

Detailed explanation-2: -A covenant is a formal agreement or promise, usually included in a contract or deed, to do or not do a particular act. Covenants are particularly relevant in the fields of contract law and property law. An example of a contractual covenant is a non-compete agreement.

Detailed explanation-3: -While a contract is legally binding, a covenant is a spiritual agreement. A contract is an agreement between parties while a covenant is a pledge. A covenant is an agreement you can break while a covenant is a perpetual promise.