The post I just posted above addresses the different kinds of Covenants. You are referring to the Lesser Covenant, which is the line of succession of authority within a religion.Don't forget the covenant of Muhammad and The Bab.
From your link: The Bahá’í Faith began with the mission entrusted by God to two Divine Messengers—the Báb and Bahá’u’lláh. Today, the distinctive unity of the Faith They founded stems from explicit instructions given by Bahá’u’lláh that have assured the continuity of guidance following His passing.This line of succession, referred to as the Covenant, went from Bahá’u’lláh to His Son ‘Abdu’l-Bahá, and then from ‘Abdu’l-Bahá to His grandson, Shoghi Effendi, and the Universal House of Justice, ordained by Bahá’u’lláh. A Bahá’í accepts the divine authority of the Báb and Bahá’u’lláh and of these appointed successors.
Really, the covenant of Baha'u'llah is no more than a line of succession?
I suppose that means that any schisms in Baha'i would have to be in the Universal House of Justice.
This is the covenant that is made regarding the successorship of authority within the religion. In Baháʼí belief the manner in which the Covenant of Baháʼu'lláh was clearly put forth is seen as being a fundamental defining feature of the religion and a powerful protector of the unity of the Baháʼí Faith and its adherents.
https://en.wikipedia.org/wiki/Covenant of Baháʼu'lláh
Owing to how it operates, there can be no schisms within the Universal House of Justice.