Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Chapter 16 of Title 8.01 a section numbered 8.01-425.2 as follows:
§8.01-425.2. Settlement agreements; staying of dismissal.
A. In any case in which a plaintiff or counterclaim plaintiff is seeking a civil judgment against a defendant or counterclaim defendant, if the parties enter into a written settlement agreement, upon request of such parties, a dismissal of such case shall be stayed to allow for full compliance with such settlement agreement.
B. It shall be the duty of the plaintiff or counterclaim plaintiff, himself, or by his duly authorized attorney or other agent, to file a notice of dismissal with the court indicating that the defendant or counterclaim defendant has complied with the terms of such settlement agreement and the claim has been resolved in full. Such dismissal shall be treated as a dismissal with prejudice in full satisfaction of the claim.
C. If the defendant or counterclaim defendant is in default of any term of such written settlement agreement, the plaintiff or counterclaim plaintiff may file a motion to enforce the terms of such settlement agreement through entry of judgment or other appropriate relief.