A punch list is a written list of items remaining to be completed or corrected on a construction project, typically generated during a substantial-completion walk-through. Punch list items are usually minor: paint touch-ups, hardware adjustments, missed cleaning, finish blemishes, equipment deficiencies. The punch list is the contractor's closeout to-do list.
Punch list completion typically happens during the period between substantial completion and final completion. Owner retainage is often released in two stages: a portion at substantial completion (when the owner can occupy or use the space) and the balance after punch list completion. Disputes over what is or is not punch list versus warranty work, and over the timeline for completion, are common close-out friction points.