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The preemption policy currently in use in MPLS-enabled commercial routers selects LSPs for preemption based only on their priority and holding time. This can lead to waste of resources and excessive number of rerouting decisions. In this paper, a new preemption policy is proposed and complemented with an adaptive scheme that aims to minimize rerouting. The new policy combines the three main preemption optimization criteria: number of LSPs to be preempted, priority of the LSPs, and preempted bandwidth. Weights can be configured to stress the desired criteria. The new policy is complemented by an adaptive scheme that selects lower priority LSPs that can afford to have their rate reduced. The selected LSPs will fairly reduce their rate in order to accommodate the new high-priority LSP setup request. Performance comparisons of a nonpreemptive approach, a policy currently in use by commercial routers, and our policies are also investigated.