Top Definition
Typically done to celebrate a beloved person's departure. Used by soon-to-be-departed co-workers or friends to describe a party where the departing person(s) prepay a tab at any bar/club and allow friends/co-workers the opportunity to drink as much alcohol as possible until the tab runs out.
So what is a buyout?

Pursuant to Policy 250.1 (Buyouts and Celebrations):

(a) All Employees will, upon departing for a new assignment, be held liable to buy-out of their current position by hosting a going away party for their friends, co-workers, and others.

(b) The going away party will be hereby referred to as a BUY-OUT. The employee(s) will be responsible for providing drinks for the partygoers, up to a reasonable limit as defined by Subsection (e) and (f).

(c) Section (a) will apply to all employees under payroll including Ex-Patriate Resident and Rotational employees.

(d) Under no circumstances is the BUY-OUT to be hosted by the employee's family. The BUY-OUT will take place at a bar or other licensed facility.

(e) The minimum amount of donations required to finance a BUY-OUT will be $500.

(f) Employees may combine BUY-OUT efforts with other employees who are departing for a new assignment. Note that in addition to the applicable provisions in subsection (e), the MINIMUM BUY-OUT amount per employee will be $300. Insofar as they conflict, subsection (f) will prevail.

(g) All BUY-OUT's will expire after three (3) months. If an employee, taking advantage of subsection (f), fails to depart within three (3) months of his/her buyout, they shall be required to host another BUY-OUT.
by RichierichZ February 01, 2006

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