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New testament - a Christian perspective
The New Testament (or "new covenant") is the covenant that Jesus has mediated between God and man. Through this new covenant, Christ pays for our sins and we receive salvation. This new covenant takes the place of the Old Testament, in which all people stood condemned by the law for their sin.

http://biblegateway.com/passage/?book_id=65&chapter=8&version=31&context=chapter

New Covenant in the Bible: Jeremiah 31:31-32
Israel was repeatedly unable to follow the original covenant that they had made with God. God promised to create a new, different covenant that would bring them the salvation they needed. That new covenant took the form of Jesus Christ and his resurrection.

http://biblegateway.com/passage/?search=Jeremiah%2031:31-32&version=NIV