A punch list is a checklist of all items that are incomplete, have not yet been addressed or require replacement or fixing. They have long been used on commercial projects, and they are becoming standard with residential construction as well.
Periodically examine the project as it is in progress. You may come across things that you'll wish to bring to your contractor's attention. Without written record, however, you'll have no assurance that these items will be attended to. Keep a detailed record via a punch list (view sample here), and schedule a walk-through of the project when it is nearing completion (include your architect in this walk-through, if you have one). Check on everything that you had previously noted, and look for anything that you may have missed.
Require that your contractor correct or complete all items recorded on your punch list to your satisfaction in order to deem the project complete.
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