The objective of this paper is to introduce the concept of float preallocation and management for critical path method based construction schedules. The principles for preallocating and managing “total float” include recommending contract clauses to direct its use and to explain the manner in which responsibility for any resulting delay may be assigned. The paper also introduces a bookkeeping procedure to facilitate the application of this concept on project schedules. The proposed concept continues to recognize that total float is an asset for both parties.