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[Hi and Bye]

A brief meeting in a public place (usually happens when running into someone you: a) barely know, b) don't like, or c) don't want to introduce to the people you're with).
"God, I ran into that douche from accounting when I was at Saturday Market. Thank God, I got away with just a 'hi and bye.'"
[Hi and Bye] by Big Bad Amy April 8, 2008

hi-and-bye ceremony

a ceremony in which an incoming executive is welcomed and farewell is bid to an outgoing executive.
All the staff of the organization are supposed to attend the hi-and-bye ceremony.

hi and bye friends 

People who say hi when you come to school/work and occasionally have sexual interaction with you