Definition
A punch list (or punch-out list) is a list of incomplete or defective items to be corrected before final acceptance and final payment. It is typically generated at substantial completion during a walkthrough with the owner and contractor. Items are tracked until closed; retention is often released after punch list completion.
Why It Matters
Punch list management ensures the job is finished to contract standards and supports release of retention. Unresolved punch items delay closeout and payment. Tracking items (open, in progress, completed) and tying to retention release is part of contract and financial closeout.
Field Example
Walkthrough produces punch list: “Touch-up paint in Room 2; door hardware adjustment Unit 4; replace cracked tile #12.” Contractor completes items over the next two weeks; owner verifies. Punch list signed off; final retention is released. Without a clear list and sign-off, disputes can delay final payment.
Calculation / Formula (if applicable)
Not applicable. Punch list is a checklist. Some contracts tie retention release to punch list completion (e.g., 50% of retention when punch list is complete, 50% after warranty period).
Software Application
Support punch list per job: items (description, location, responsibility), status (open, in progress, completed), date completed, verified by. Link to job. Optional: link to retention release milestone. Report open items and completion status for project and financial closeout.
Tooltip Version
A punch list is the list of remaining items to fix before final acceptance; completing it is often required for final payment and release of retention.
Related Objects
Related: