(a) Time for Argument. Counsel for each party shall be allowed one (1) hour for argument; in cases commenced in district courts the time shall be limited to forty (40) minutes. Before the commencement of argument the court may allow further time. When more than one (1) attorney is to be heard on behalf of the same party, the time may be divided as they may elect. (b) Instructions to Jury; Objections. At the close of the evidence or at such earlier time during the trial as the court reasonably directs, any party may file written requests that the court instruct the jury on the law as set forth in the requests. No party may assign as error the giving or the failure to give an instruction unless the party objects thereto before the jury retires to consider its verdict, stating distinctly the matter to which the party objects and the grounds of the party’s objection. Opportunity shall be given to make the objection out of the hearing of the jury.