You can help Wiktionary by providing a proper etymology. Perhaps from the practice of punching holes in a list to indicate completion of individual items.
- (US) The list of repairs and finish work required to complete a project, such as the construction of a building; a list of problems to correct.
- The building opened on schedule, but it took them another three months to get through the punch list.
- Completion often means fulfillment of a contract, possibly as amended by change orders.
list of items required to complete a project
- snagging list (UK)