What does Genesis 31:44 mean?

Jacob and Laban have both, apparently, said what they needed to say. Jacob has made the case that he served Laban faithfully and honestly for twenty years. Only the Lord's protection and blessing kept Laban's mistreatment from leaving Jacob with nothing (Genesis 31:10–12). Laban has confirmed that he believes he has the legal right to Jacob's wives, children, flocks, and possessions, since all were acquired while Jacob was a kind of indentured servant belonging to Laban. Laban has conceded, however, that he can do nothing to claim what he sees as rightfully his because Jacob's God has warned Laban, in essence, to leave Jacob alone (Genesis 31:24).

Now Laban suggests they make a covenant to fully resolve their dispute. In part, the point of this covenant will be to establish a permanent separation between Laban and Jacob. Laban knows that he cannot compete against the blessing and protection of Jacob's God. He decides it will be better to simply keep his distance from now on and to keep Jacob from returning to claim any more of his property or inheritance.