Covenants play an important role in our progression in the Gospel. I think most of us know the definition for a covenant: a two-way promise between us an God in which we are promised blessings in return for our obedience. Covenants are often received through ordinances, such as baptism or temple ordinances. These covenants allow us to further our relationship to God and progress as His children. In the Bible Dictionary it says: "The gospel is so arranged that principles and ordinances are received by covenant placing the recipient under strong obligation and responsibility to honor the commitment." We must fulfill our part of the promise to receive the promised blessings. The Lord says in D&C 82:10, "I, the Lord, am bound when ye do what I say; but when ye do not what I say, ye have no promise." The Lord will bless us if we obey Him. There is no condition other than that.
Baptism is the first of these covenants that we make in our lives. In this covenant we promise a few things, that we will take upon ourselves the name of Christ, that we will always remember him, and that we will keep his commandments. In return we are promised a remission of our sins and the Gift of the Holy Ghost. (see sacrament prayers in D&C 20: 77, 79) Baptism is also the way by which we enter the Church. When we covenant to take upon ourselves the name of Christ, we take weighty responsibility with that. The Lord has commanded "Thou shalt not take the name of the Lord thy God in vain: for the Lord will not hold him guiltless that taketh his name in vain." (Deut. 5: 11) This not only applies to vain or casual use of the name of deity but also in the sense that we take His name through baptism. In doing so we make ourselves representatives of the Savior. To do so in vain would be to dishonor the Covenant. As a missionary I have the name of the Lord upon me in a very literal sense. The name badge we wear bears the name of Christ just under our own name. This means that every action I make, people see the name of the Savior on me as I do it. Likewise, all of us, after baptism, are representatives of Christ in the same way. By keeping the Commandments and always remembering Him, the other two parts of our promise, we also wear the name of the Lord well.
Through Baptism we are promised great blessings. The promise of Eternal Life is ours if we remain faithful and receive all the covenants of the Gospel. We are asked to give a small thing in comparison to what we receive. As in all aspects of our lives, we are indebted to God for his gifts to us. Christ himself was baptized, though not for a remission of sins, as that was unnecessary, but to "Fulfill all Righteousness." (Matt. 3:16) All of us need to make this important step in our progression and remain faithful to those promises which we made, so that all the promised blessings may be ours.