In some contexts, however, Olevianus understands the covenant of grace in a broader sense than as God’s unilateral promise of reconciliation ratified in Jesus Christ. He employs some of the same terms as before — Bund, Gnadenbund, foedus, foedus gratiae, and foedus gratuitum — but this time to mean a bilateral commitment between God and believers. The covenant so understood is more than a promise of reconciliation; it is th realization of that promise — reconciliation itself — through a mutual coming to terms. Not only does God bind Himself to us in a pledge that He will be our Father; we also bind ourselves to Him in a pledge of acceptance of His paternal beneficence. Not only does God promise that He will blot out all memory of our sins; we in turn promise that we will walk uprightly before Him. The covenant in this sense includes both God’s promissio and our repromissio.
This semantical shift from a unilateral to a bilateral promise is most clearly seen in two passages in Olevanius’s writings where compares the covenant of grace to a human Bund. In Vester Grundt, as we have seen, he portrays the covenant strictly as a divine pledge. While we were yet sinners, God bound Himself to us with an oath and a promise that through His Son He would repair the broken relationship. It was expected, of course, that we accept the Son (whether promised or already sent) in faith, but Olevianus here does not treat this response as part of the covenant. The emphasis is on what God would do because of what we could not do.
In a similar passage in the Expositio, however, Olevianus not only identifies the covenant with reconciliation itself but describes it as a mutual agreement (mutuus assensus) between the estranged parties. Here God binds Himself not to us “who were yet sinners” but to us “who repent and believe,” to us who in turn are bound to Him in faith and worship. This “covenant of grace or union between God and us” is not established at just one point in history; it is ratified personally with each believer. Christ the Bridegroom enters into “covenant or fellowship” with the Church His Bride by the ministry of the Word and sacraments and through the Holy Spirit seals the promises of reconciliation in the hearts of the faithful. But this is also a covenant into which we enter, a “covenant of faith.” As full partners in the arrangement we become not merely God’s children but His Bundgesnossen, His confoederati.
Ultimately the problem with Federal Calvinism, in its early days, was that it caused the 'potential saint' to look at themselves prior to being able to look to Christ. This reversed Calvin's emphasis of and his 'union with Christ' 'double-grace' theology/salvation.
When he discusses the covenant of grace in this broader sense, i.e., as a bilateral commitment between God and us, Olevianus does not hesitate t use the term conditio [conditional]. We see already in the establishment of the covenant with Abraham that the covenant of grace has not one but two parts: not merely God’s promissio [promise] to be the God of Abraham and his seed, but that promise on the condition (qua conditione) of Abraham’s (and our) repromissio [repromising] to walk before Him and be perfect. Simply put, God’s covenantal blessings are contingent upon our faith and obedience. It is to those who repent, believe, and are baptized that He reconciles Himself and binds Himself in covenant. (Lyle D. Bierma, “German Calvinism in the Confessional Age: The Covenant Theology of Caspar Olevianus,” 64-68)
This is something, Federal Calvinism, that Evangelical Calvinists would want to correct. Surely Federal or this kind of Covenant theology will continue to persevere (pun intended), but at the least we, as Evangelical Calvinists would like the world to know (those who care) that there is an alternative strand available within Calvinism that grounds all of the conditions and contingencies of salvation in Christ himself. So we look to Christ!