Article III. Immersion is of first choice and should be done if at all possible. The rest, sprinkling, effusion, it is a matter of what is available and customary.
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V. Although it be a great sin to contemn or neglect this ordinance,[13] yet grace and salvation are not so inseparably annexed unto it, as that no person can be regenerated, or saved, without it;[14] or, that all that are baptized are undoubtedly regenerated.[15]
The first part is a little vague, but what it probably means is that it is required as per Christ's command, it is what has been revealed. However, we know not how Christ, through the Holy Spirit, may also operate that has not been revealed. It in and of itself does not save as does no other means of Grace. The second part is also vague, but all upon baptism are considered regenerated. What each believer does with the gifts is entirely up to him. They can reject the means of salvation, just as easily as Adam did in the beginning at any point in life.