Yes, COVENANTS is a Scrabble word!

Letter values in Scrabble US: C 3, O 1, V 4, E 1, N 1, A 1, N 1, T 1, S 1.

Is it a valid word?

COVENANTS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a signed written agreement between two or more parties (nations) to perform some action
(Bible) an agreement between God and his people in which God makes certain promises and requires certain behavior from them in return