(a) (1) Before or after the filing of a complaint, the alleged father may propose a settlement concerning the child’s support whether the alleged father admits or denies paternity.
(2) The proposed contribution may be in a lump sum, installments, or otherwise.
(b) A settlement agreement shall be prepared, executed, and submitted to the court for approval if:
(1) the complainant agrees to accept the settlement;
(2) the attorney for the Administration is satisfied that the amount and terms of the settlement are fair and reasonable;
(3) the complainant has been advised properly regarding the contents of the settlement; and
(4) the complainant is competent to accept the settlement.
(c) If the court approves the settlement agreement, the terms of the agreement shall be incorporated in a court order.
(d) A court order incorporating a settlement agreement is as enforceable as any order that is passed after a hearing.