Covenant.

The report of the Anglican "Covenant Design Group" has been published.

The definitive text of any proposed Covenant which could command the long term confidence of the Communion would need extensive consultation and refining. Although several possible texts have already been developed, a text for adoption would need to be debated and accepted in the Provinces through their own appropriate processes before formal synodical processes of adoption, if the Covenant was to be received and have any strength or reality.
At the same time, there needed to be a commitment now to the fundamental shape of the covenant in order to address the concerns of those who feared that the very credibility of the commitment of the Anglican Churches to one another and to the Gospel itself was in doubt.
The CDG therefore proposes that the Primates give consideration to a preliminary draft text for a covenant which has been developed from existing models, that they commend this text to the Provinces for study and response, and that they express an appropriate measure of consent to this text and express the intention to pursue its fine-tuning and adoption through the consultative and constitutional processes of the Provinces.
The Primates are not being asked to commit their churches at this stage, since they are all bound by their own Provincial constitutions to observe due process. What they are being asked to do is to recognise in the general substance of the preliminary draft set forth by the CDG a concise expression of what may be considered as authentic Anglicanism. Primates are also asked to request a response from their Provinces on the draft text to the Covenant Design Group in time for there to be the preparation of a revised draft which could receive initial consideration at the Lambeth Conference.
The text offered is meant to be robust enough to express clear commitment in those areas of Anglican faith about which there has been the most underlying concern in recent events, while at the same time being faithful and consistent with the declarations, formularies and commitments of Anglicanism as they have been received by our Churches. In this way, nothing which is commended in the draft text of the Covenant can be said to be “new”; it is rather an assertion of that understanding of true Christian faith as it has been received in the Anglican Churches.
What is to be offered in the Covenant is not the invention of a new way of being Anglican, but a fresh restatement and assertion of the faith which we as Anglicans have received, and a commitment to inter-dependent life such as always in theory at least been given recognition.

...

6 Unity of the Communion
(Nehemiah 2.17,18, Mt. 18.15-18, 1 Corinthians 12, 2 Corinthians 4.1-18, 13: 5-10, Galatians 6.1-10)
Each Church commits itself
in essential matters of common concern, to have regard to the common good of the Communion in the exercise of its autonomy, and to support the work of the Instruments of Communion with the spiritual and material resources available to it.
to spend time with openness and patience in matters of theological debate and discernment to listen and to study with one another in order to comprehend the will of God. Such study and debate is an essential feature of the life of the Church as its seeks to be led by the Spirit into all truth and to proclaim the Gospel afresh in each generation. Some issues, which are perceived as controversial or new when they arise, may well evoke a deeper understanding of the implications of God’s revelation to us; others may prove to be distractions or even obstacles to the faith: all therefore need to be tested by shared discernment in the life of the Church.
to seek with other members, through the Church’s shared councils, a common mind about matters of essential concern, consistent with the Scriptures, common standards of faith, and the canon law of our churches.
to heed the counsel of our Instruments of Communion in matters which threaten the unity of the Communion and the effectiveness of our mission. While the Instruments of Communion have no juridical or executive authority in our Provinces, we recognise them as those bodies by which our common life in Christ is articulated and sustained, and which therefore carry a moral authority which commands our respect.
to seek the guidance of the Instruments of Communion, where there are matters in serious dispute among churches that cannot be resolved by mutual admonition and counsel:
by submitting the matter to the Primates Meeting
if the Primates believe that the matter is not one for which a common mind has been articulated, they will seek it with the other instruments and their councils
finally, on this basis, the Primates will offer guidance and direction.
We acknowledge that in the most extreme circumstances, where member churches choose not to fulfil the substance of the covenant as understood by the Councils of the Instruments of Communion, we will consider that such churches will have relinquished for themselves the force and meaning of the covenant’s purpose, and a process of restoration and renewal will be required to re-establish their covenant relationship with other member churches.

Here's the whole thing, including the draft. .Pdf file is here.