(a) Validity. An agreement between the parties is valid and binding on the parties if:
(1) the agreement is in writing and signed by the parties personally or by counsel on a party’s behalf;
(2) the agreement’s terms are stated on the record before a judge, commissioner, judge pro tempore, or court reporter; or
(3) the agreement’s terms are stated in an audio recording made before a mediator or a settlement conference officer appointed by the court.
(b) Court Approval. An agreement under this rule is not binding on the court until it is submitted to and approved by the court as provided by law.
(c) Challenge to Validity. An agreement under section (a) is presumed valid, and a party who challenges the validity of an agreement has the burden to prove any defect in the agreement. Under A.R.S. § 25-324, the court may award a party the costs and expenses of maintaining or defending a challenge to the validity of an agreement that was made in accordance with this rule.