Also called: snag list, punchlist, completion list.
It is written from a walkthrough with the contractor present, item by item and room by room, with a photo where the defect is arguable and an agreed date for each item.
Its power comes entirely from retainage. A punch list issued after final payment is a request; one issued while money is still held is an obligation.
The list should be measured against the approved scope. "That was not in my price" is a much shorter conversation when the scope is a numbered document you both approved.
Why it matters
The punch list is the last point at which you have leverage. Everything unresolved when it closes becomes your problem, at your cost.
Related terms
- Retainage — Retainage is a percentage of each payment — commonly 5–10% — withheld until the job is complete and accepted, held as security that the contractor will return to finish the last items.
- Scope of work — A scope of work is the written, itemised description of exactly what a contractor will do on a job — the tasks, the materials, the quantities and the conditions. It is what a price is a price for.
- Change order — A change order is a written amendment to a signed contract that adds, removes or alters work, and adjusts the price and schedule accordingly. It is the mechanism by which a job's final cost stops matching the bid you accepted.
Quotrium drafts the scope, sends it to the contractors you pick, and scores every bid against it line by line. See how it works.