Definition : Contingency fund - Major repairs

Work affecting an important portion of the immovable and requiring an exceptional expense, such as those related to beams and load bearing walls, the replacement of the roof, to supporting walls, the heating, electrical, plumbing or electronic systems. The cost of such work may be paid from the amounts deposited in the contingency fund.

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                                                                                                                            The Contingency Fund is to be used strictly for major repairs and replacements of common portions. It should not be used to fund their maintenance.
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Le fonds de prévoyance est constitué en fonction d’une planification prévisionnelle limitée à certains travaux. Il ne concerne que les réparations majeures ou le remplacement des parties communes de l’immeuble. Le conseil d’administration doit donc savoir identifier clairement ce que signifient ces deux termes.
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