(1) Where the parties arrived at a settlement agreement, the judge or master shall within 7 days submit a report, in Form 12B, to the docketed judge or master who shall then consider and give directions on whether any trial dates fixed may be vacated and any trial directions be rescinded, or what further steps are required to be taken to facilitate the implementation of the settlement agreement including fixing a reporting date to be held in chambers or directing when a notice of discontinuance is to be filed as may be deemed appropriate in the circumstances.
(2) Where the parties arrive at a settlement agreement, this agreement must be filed at the court office in Form 12C within 7 days or such extended period as the court may allow for the agreement to be made a consent order of the court.
(3) In cases where the court's approval of the agreement is required, the agreement shall not take effect until the court's approval is sought on application and the court makes an order approving the terms of the agreement.