And Moses took the blood refers to the blood that had been collected in the basins in verse 6. And threw it upon the people uses the same word for throw as verse 6. The same preposition is also used, but here upon seems more appropriate than “against.” Revised English Bible has “and flung it over the people.” It is significant that half of the blood had first been thrown on the altar, which represents Yahweh’s part in the agreement, and the other half on the people, who were the other party in the agreement.

And said (Good News Translation “He said”) introduces Moses’ words, which are probably to be understood as a ritual formula. Behold is an archaic word in English, so New Revised Standard Version has changed it to “See.” As a ritual formula, however, it may be more natural to say “This is the blood” (Good News Translation). The blood of the covenant means the blood that is used in sealing the covenant. Good News Translation makes this clear: “This is the blood that seals the covenant.” Another possible model is “This blood confirms that you are now covenant-partners with the LORD.”

Which the LORD has made with you is literally “which Yahweh cut with you [plural].” On “cutting a covenant” see the comment at 23.32. The tense of the verb is not indicated here, so New Jewish Publication Society’s Tanakh has “that the LORD now makes with you.” This suggests that the covenant became binding with the completion of the ceremony. In accordance with all these words is literally “upon all these words.” This means that “all that the LORD has spoken” (verse 7) is to be understood as the “stipulations” (New Jerusalem Bible), or “terms” (Revised English Bible), of the covenant. Good News Translation has “when he gave all these commands,” referring to the laws in the “book of the covenant” in verse 7.

Quoted with permission from Osborn, Noel D. and Hatton, Howard A. A Handbook on Exodus. (UBS Helps for Translators). New York: UBS, 1999. For this and other handbooks for translators see here .