What is a contingency fund?

In divided co-ownership :

The contingency fund is a fund created to pay only the expenses of major maintenance and replacement of the common portions of the co-ownership, this fund is financed by the regular contributions of the co-owners. The fund must be partly liquid and available on short-term basis, and its capital must be guaranteed. The contingency fund is administered and owned by the syndicate of co-owners.

In undivided co-ownership :

It is about a fund created to pay the expenses of major maintenance of the portions which have been described as being common in the indivision agreement; this fund is financed by the regular contributions of the undivided co-owners. The contingency fund is administered by the manager of the co-ownership. This fund is not mandatory in undivided co-ownership; it is to the discretion of the undivided co-owners, often called indivisaires, to establish one or not. When the indivision agreement provides that a contingency fund is set up, undivided co-owners must contribute to it. In case of silence of the agreement, no one shall be required to contribute to it.