A new approach for bandwidth allocation and congestion control is reported in this paper, which is of the Rate Controlled admission with Priority Scheduling service type. It is called Dynamic Time Sharing (DTS), because of the dynamic nature of the procedure for resource partitioning to allocate and guarantee a requested bandwidth for every traffic class. This approach is based on guaranteeing specific traffic parameters (bandwidth requirements) through a policing unit, and then optimizing the bandwidth assignment within the network for specific parameters of interest (like delay or jitter, and loss). The optimization process is based on the parameters guaranteed by the policing unit. The policing unit also functions to enforce the "fair" sharing of resources. A batch admission policy is used at the edges of the network according to a specific framing strategy to follow the traffic characteristics (e.g., the traffic constraint function) of different traffic classes. On the other hand, the DTS mechanism allows for another framing (congestion control) strategy to be used within the network, which is based on different (delay/loss) requirements of the traffic classes. Proper management of bandwidth and buffer resources is provided in every (switch) node of the network, such as to guarantee the diverse performance of interest.