Wes Bredenhof, pastor of Providence Canadian Reformed Church (Hamilton, ON) has published a helpful post. Here is part of it:
- We distinguish between the administration of the covenant of grace in this era and administrations of the covenant of grace in previous eras.
- We distinguish between parties in the gracious covenant relationship: on the one side, God; on the other all believers with all their children. Jesus Christ mediates between these two parties.
- We distinguish between greater and lesser parties in the covenant of grace. God is the infinitely greater; his people the lesser. Therefore, God alone initiates this gracious relationship and determines its terms.
- We distinguish between promises and obligations in the covenant of grace. God gives promises and imposes obligations (or conditions) in this relationship.