"How do you prevent oversubscribing branch offices with MPLS? "
With MPLS, often you don't (unless you're logically running a hub and spoke topology, rather than any-to-any). Instead, you utilize QoS provided by the MPLS vendor to control MPLS egress congestion. This is in addition to you you might utilize QoS for ingress to MPLS.
[from your 2nd post]
"I need to limit/restrict based on the policy (20% for this or whatever) based on the bandwidth of the remote facility (T1, T3, etc.). Is that possible?"
Yes it is, but it only practical if one (or very few) sites that would send traffic to the site in question.
For instance, you can often (easily) shape traffic on an OC-3 to match the far side's bandwidth. But if you have two OC-3, you would need to divide up the far side bandwidth between them (or force all traffic to that site to prefer one OC-3 vs. the other [if the path is available]). Problem with dividing up bandwidth, routers are "unaware" of bandwidth not being used by other routers sending to the site.
Again, you would utilize MPLS QoS. For something like a SMS push, you would mark the traffic so the MPLS provider will place the traffic into a egress class with a low bandwidth guarantee. This allows the SMS traffic to use all available egress bandwidth, but keeps it from (too) adversely competing for bandwidth against more important traffic.
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