For Christ this covenant was a covenant of works, in which He met the requirements of the original covenant, but for us it is the eternal foundation of the covenant of grace. Its benefits are limited to the elect. They only obtain the redemption and inherit the glory which Christ merited for sinners. The Covenant of Grace. On the basis of the covenant of redemption God established the covenant of grace.
Several particulars call for consideration here.
The contracting parties. God is the first party in the covenant. He establishes the covenant and determines the relation in which the second party will stand to Him. It is not so easy to determine who the second party is. The prevailing opinion in Reformed circles is that it is the elect sinner in Christ.