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It describes all incorrect installations, damage, and any faulty finishes. The contractor must ensure all the issues are resolved before they can receive payment. Punch lists are usually written into the contract itself, so the contractor and subcontractors will be bound to meet the requirements in the list.
Most often, the items are minor issues, like scratches and markings on walls and floors from construction, but it may also include items that were done incorrectly and require rework. Punch lists may even include brand new items that were not included in the original project specifications.
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Final Punch List means the list of items and schedule for completion of the Project required to be completed by Contractor following the Substantial Completion Date.
According to the General Conditions (AIA A201 Section 9.8. 2), the Contractor prepares and submits to the architect a comprehensive list of items to be completed or corrected. This snag list, as generated by the Contractor, is known as the punch list.
In regards to construction today, the Business Dictionary defines a punch list as, Listing of items requiring immediate attention and as a Document listing work that does not conform to contract specifications, usually attached to the certificate of substantial completion.
A punch list is a document that lists final work items remaining before a construction project is considered complete. All work that does not conform to the specifications in the construction contract should be included in the punch list.
A punch list is a document prepared during key milestones or near the end of a construction project listing work that does not conform to contract specifications that the general contractor must complete prior to final payment.
Most contracts define substantial completion as the date upon which the work is sufficiently complete so as to allow the owner to occupy and fully use the project for its intended purposes. Punch list items will not prevent substantial completion.
Q From Ellen Smithee: A comment in the February issue of Angie's List Monthly says that the term punch list gets its name from a period when contractors would punch a hole next to each completed item on a project list. The hole would go through two sheets, creating a copy for the customer.