Time management is an important aspect of real-time computation. Traditional high performance processors provide little or no support for management of time. In this report, we propose a time-management unit which can greatly help improve the performance of a real-time system. The proposed unit can be added to any processor architecture without affecting its performance. We also explain how the unit helps to solve the clock synchronization problems in a real-time network. (Also cross-referenced as UMIACS-TR-97-28)