In this paper we present a TCP friendly explicit rate congestion control mechanism for MPLS networks (TERM). The components of the TERM system include a method for using resource reservation protocol (RSVP) to signal explicit rate information, a weight proportional max-min (WPMM) algorithm that calculates weighted fair rates in O(l) time, and a priority based packet marking and queue management system. Simulations validate that, working in conjunction, TERM components increase throughput of TCP and LDP traffic while enforcing weighted fair rates. The unique TERM approach accomplishes this with minimal network and computational overhead.