What are the terms of salvation in Romans 10:9–10? Do I have to make Christ Lord of my life to be saved; or is it simply based on my faith in Christ as my Saviour?

This text is from a transcript of a talk by David Gooding, entitled ‘Documentary Evidence, Textual Criticism and Translation’ (2007).

There was a great division of thought amongst evangelicals in America some years ago over this question. I personally believe that the terms of conversion are to receive Jesus Christ as Lord. I don't think you can come to Christ and say, 'Look I want my sins forgiven, but I am not prepared to do what you say in everything!' Really? Some people say that if we confess Jesus as Lord, the word Lord there is the Greek for Jehovah. And that could possibly be so, of course, for Greek does use the term kyrios to translate Jehovah. But to say to Jesus Christ, 'I know you are Jehovah; I don't propose to receive you as such but I am glad that you died for me,' is theological nonsense.

We receive him as Lord, but that doesn't mean that our salvation depends on our being perfectly obedient all the way home to glory. 'In many things we all offend,' (James 3:2). 'And if we say that we have no sin, we deceive ourselves. But the blood of Jesus Christ, [God's] Son, cleanses us from all sin, and God is faithful and just to forgive us our sins' (see 1 John 1:7–9). But I don't think you can come to Christ and say, 'I'm not going to receive you as Lord; I want to go my own way, but I want you to save me.