Buy-Out

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 -ssignment, 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 circ-mstances 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 -ssignment. 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.