A punch list is a list of tasks that are yet to be completed. In the context of law, a contractor must complete all of the talks on the punch list before he or she can get paid for them. If the contractor does not complete the tasks on the punch list, then he or she cannot expect to be paid for them.
An example of a punch list would be a list detailing jobs that a construction contractor still has to complete on the home, as per the terms of the agreement. These jobs may include things such as replace sink in upstairs bathroom, tile the bathroom floor, repair banister on stairwell, add cobblestone to the footpath in the back yard, etc. Contractors do a number of different jobs, and so there can be a number of different task on the punch list.