I used the term "punch list" at work, and someone asked me what it meant. While I was confident that I knew the common usage of the expression, I realized that I had no idea where it came from. Here is the answer...the full Wikipedia entry is here, but the punch line (pun intended) is this:
A punch list is generally a list of tasks or "to-do" items. In the U.S. construction industry, a punch list is the name of a contract document used in the architecture and building trades to organize the completion of a construction project. In other places, it is also commonly known as "snag list".
The phrase takes its name from the historical process of punching a hole in the margin of the document, next to one of the items on the list. This indicated that the work was completed for that particular construction task. Two copies of the list were punched at the same time to provide an identical record for the architect and contractor.