The Covenants We Renew during the Sacrament

Each time we partake of the sacrament, we renew covenants with the Lord. A covenant is a sacred promise between the Lord and His children. The covenants we make are clearly stated in the sacramental prayers. It is important to know what those covenants are and what they mean.

We covenant that we are willing to take upon ourselves the name of Jesus Christ. By this we show we are willing to be identified with Him and His Church. We commit to serve Him and our fellowman. We promise that we will not bring shame or reproach upon that name.
We covenant to always remember Jesus Christ. All our thoughts, feelings, and actions will be influenced by Him and His mission.

We promise to keep His commandments.

We take these obligations upon ourselves when we are baptized (see D&C 20:37; Mosiah 18:6–10). Thus, when we partake of the sacrament, we renew the covenants we made when we were baptized. Jesus gave us the pattern for partaking of the sacrament (see 3 Nephi 18:1–12) and said that when we follow this pattern, repenting of our sins and believing on His name, we will gain a remission of our sins (see Joseph SmithTranslation, Matthew 26:24).
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The Lord promises that if we keep our covenants, we will always have His Spirit to be with us. A person guided by the Spirit will have the knowledge, faith, power, and righteousness to gain eternal life. - By LDS.ORG