A punch list is a list of items not conforming to the contract agreed upon by both the homeowner and the contractor. Punch list items can include damage incurred to the home during the job, improper installations or incorrect design features.
Examine your job site periodically to ensure that your project adheres to your contract. If you notice a problem, mark it on your punch list. It’s a good idea to communicate any shortcomings to your contractor immediately. Presenting a long list of fixes at the end of a job can delay your completion date.
Be sure your punch list is detailed. Precise note taking will ensure that your contractor fixes each problem up to your standards. Without a written record, it’s difficult to keep track of the necessary updates.
Include language in your contract that mentions a punch list. A formal agreement between you and your contractor concerning a punch list will eliminate any misunderstandings in the event of post-job repairs.
Preventing Home Improvement Fraud 
Tips for Finding & Hiring an Electrician 
What Should Be Included in a Contractor Agreement Form? 
How to Choose a Concrete Contractor 
What to Know When Hiring a Fence Installer 
Hello, as a contractor and owner of a small business I can say that yes I certainly can testify to the necessity of a punch list. I manage and execute small to midscale home remodeling contracts and customers oft wait until almost the end to start voicing opinions. I always try to encourage the customer to see something, say something. you never know what you could have prevented. Misunderstandings and ineffective communication are commonplace. A punch list aids in clearing the air and preventing problems that arise from two sometimes very different people trying to acquire the same vision in order to accomplish a work that we can be proud of and that you find quality and value in. Thank you, Bo Burrow
Yes
This is a very good idea! We recently remodeled our upstairs flooring! We had a punch list at the end! They seemed to be in a hurry doing the job and said that they were not paid enough to do details! I showed them how to lay a few areas, which I had previously discussed with the owner! We managed to agree that he needed new installers!