Jargon: Punch List

Punch List and Punch List (at Wikipedia)
In construction the punch list comes before the owner accepts the building. The building is ready for the owner to occupy but may have some details that need to be corrected, repaired, or replaced. The Punch List lists these items for the contractor to correct. Generally the item does not meet the quality standard of the inspectors which can be the architect, the owners, or both.
Sometimes the item may not constructed according to the design but the owner can live with it. In this case it is appropriate for the contractor to offer a fair credit for the work installed incorrectly as a condition of acceptance by the owner.