DEFINITION of 'Requisition'

A formal request. Shareholders can issue a requisition notice to a company requiring it to put resolutions to a vote. In business, one department of a company might submit a requisition to the purchasing department for supplies it wants to order. In healthcare, a doctor might issue a requisition for a laboratory test to be performed on a patient to ensure that the patient or his insurance will be responsible for paying for the test.

BREAKING DOWN 'Requisition'

In a purchase requisition, an employee would submit a requisition form containing information such as the date of the request, the department submitting the request, the person submitting the request, the items requested and the location where the order, if approved, should be delivered. If approved, the purchase order, packing slip and invoice may be attached to the purchase requisition for recordkeeping purposes.



RELATED TERMS
  1. Requisitioned Property

    Property that is involuntarily seized by a governmental authority ...
  2. Purchasing System

    A method used by businesses to buy products and/or services. ...
  3. Purchase-To-Pay

    An integrated system that fully automates the goods and services ...
  4. Day-Around Order

    An order that cancels and replaces a previously submitted day ...
  5. Form S-4

    A form that must be submitted to the Securities and Exchange ...
  6. Tender

    To invite bids for a project, or to accept a formal offer such ...
Related Articles
  1. Retirement

    Proposed Medicare Drug Rules: Good or Bad for Seniors?

    The federal government is proposing a solution to the rising prescription drug prices that Medicare and seniors who use Medicare Part B pay. Will it work?
  2. Investing

    What Does Warren Buffett Look For in an Employee?

    The Berkshire Hathaway leader revealed three key traits he looks for when making a hiring decision.
  3. Financial Advisor

    LabCorp's Challenges Ahead (DGX, LH)

    LabCorp, the second largest clinical lab company, faces many challenges. Regulatory changes, reimbursement cuts, strong competition and the inability to set price all impact profitability.
  4. Small Business

    Uncovering The Securities Firm

    Learn about the various departments of a securities firm and the professionals who make it work.
  5. Investing

    What Does Your Mutual Fund Say About You?

    How your fund votes on proxy issues will reveal whether it's acting in your best interest and according to your beliefs.
  6. Tech

    How Big Data Has Changed Healthcare

    Like many other industries, healthcare has adapted to data analytics not only for its financial returns but also improving patient’s quality of life.
  7. Managing Wealth

    What to Do When Your Doctor Doesn't Take Medicare

    Five ways to cope when Medicare threatens to break up you and your medico.
  8. Taxes

    When You Can't Pay Uncle Sam

    If you can't pay your taxes, there are some steps you can take to protect yourself. Discover your options here.
  9. Small Business

    How To Be A Millionaire

    Building $1 million in net worth requires the application of unusual skills and/or unusual effort.
  10. Insights

    7 Economic Reasons Healthcare Is Broken in the U.S.

    The U.S. healthcare market doesn't work like markets are supposed to. We asked why.
RELATED FAQS
  1. What are the most common reasons credit limit increase requests are declined?

    Learn about reasons why a request to increase the credit limit on a credit card may be declined, and find out which factors ... Read Answer >>
  2. How does being overweight affect my healthcare costs?

    Learn why health-care costs are often higher for overweight and obese patients. Find out how insurers and employers are recovering ... Read Answer >>
  3. How many free credit reports can you get per year?

    Obtain a free annual credit report online, by phone or via mail. These reports are offered through the Free Annual Credit ... Read Answer >>
Hot Definitions
  1. Promissory Note

    A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on ...
  2. SEC Form 13F

    A filing with the Securities and Exchange Commission (SEC), also known as the Information Required of Institutional Investment ...
  3. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  4. Absolute Advantage

    The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost ...
  5. Nonce

    Nonce is a number added to a hashed block, that, when rehashed, meets the difficulty level restrictions.
  6. Coupon

    The annual interest rate paid on a bond, expressed as a percentage of the face value. It is also referred to as the "coupon ...
Trading Center