The Alaska Notice of Intent to Take Compensation Pursuant to AK LB 2016-2 is a document that is used by an entity to notify other parties of the entity's intent to pursue compensation for damages or losses related to a construction project. It is a requirement for an entity to file this notice in order to pursue a claim against a contractor, subcontractor, supplier, or other responsible party. The Alaska Notice of Intent to Take Compensation Pursuant to AK LB 2016-2 must identify the party responsible for damages and losses and provide an estimated amount of the compensation that is being pursued. The notice must also include information on the project, such as its location, the time it was completed, and the name of the contractor or other responsible party. It is important to note that the notice must be filed within 180 days of the completion of the project, or else the claim may be barred. There are two types of Alaska Notice of Intent to Take Compensation Pursuant to AK LB 2016-2: 1. Preliminary Notice — This notice must be filed by an entity before they are entitled to file a claim for damages or losses related to the construction project. 2. Final Notice — This notice must be filed by an entity after they have pursued all other remedies to obtain damages or losses related to a construction project.