Short answer: they're the same document. “Snag list” is the UK and Irish term; “punch list” is the American one. Both mean the list of defects and unfinished items compiled when a construction project is inspected before handover.
Whatever you call it, every entry needs the same five things: a precise location, a specific description, the trade or person responsible, the date raised, and its status. One fault per entry. Photos of the fault — and later the fix — turn the list from a to-do into evidence. There's a free snag list template here with all of that laid out, and a complete guide to snagging if you want the full process.
Only for communication. If you're pricing work for a US firm, say punch list; if a contract says schedule of defects, use its term in correspondence. On site, everyone will know what you mean. The thing that actually matters is that the list is specific, photographed, assigned and dated — a vague list under any name is what causes the arguments.
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