The terms, Completion List & Punch List, which are regularly used interchangeably, are two very different phases at the end of a construction project. Unfortunately, with construction schedules getting tighter and tighter, the lines between the two have blurred and many have cut their teeth on projects where there is no difference.
A Completion List occurs prior to substantial completion, and is a representation of incomplete work, not a representation of unacceptable work. The completion list is a contractual obligation in most contracts which furnishes a close out scope of work to the owner. This list is created by the Contractor, is updated by the contractor, and has no assigned value to withhold from a pay application.
The Punch List, aka Deficiency List in AIA Contracts, occurs when the project is substantially complete and is a representation of unacceptable items / deficiencies. This list is created by the Architect and can have input by the Owner, Engineers, Consultants, and the GC. The value indicated on this list is withheld from the last pay application to the contractor.
Know that you are on track to close your Job out with a completion list. Do everyone a favor, don't wait and have it jam into the punchlist!