To amend the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to provide a process for the allocation of liability among potentially responsible parties at Superfund sites.

Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (Superfund) to direct the Administrator of the Environmental Protection Agency to initiate the allocation process under this Act for each nonfederally-owned facility on the National Priorities List (NPL) that involves two or more potentially responsible parties (PRPs): (1) for which the President selects a remedial action on or after February 3, 1995; and (2) for any such action selected before such date if requested by a PRP which has resolved liability to the United States with respect to the remedial action.

Authorizes the Administrator to initiate such process for any facility involving two or more PRPs.

Makes the allocation process inapplicable to a facility: (1) for which there has been a final settlement, decree, or order that determines all liability or allocated shares of PRPs; or (2) at which all of the PRPs are liable or potentially liable as facility owners or operators.

Permits allocations to address more than one facility and authorizes the Administrator to combine allocations for separate remedial actions at the same or different facilities.

Places a moratorium on the commencement or continuation of liability claims or recovery actions in connection with responses for which allocation is required until 90 days after the issuance of the allocator's report.

Sets forth requirements concerning the allocation process, including those for the notification of PRPs and determinations regarding de minimis parties. Provides that de minimis parties that are potentially liable but entitled to expedited settlements shall not be subject to the allocation process unless they fail to settle with the President within 30 days of the offer.

Requires the allocation parties to select an allocator from a list provided by the Administrator or from candidates proposed by the parties.

Authorizes PRPs, prior to the issuance of the allocator's report, to submit a private allocation for the remedial action or operable unit to the allocator. Requires the allocator to adopt such report if it meets specified conditions.

Directs the allocator to conduct an allocation process culminating in the issuance of a report with a nonbinding, equitable allocation of the percentage shares of responsibility, including the orphan share, within 180 days of the issuance of the final list of parties or the date of the contract for allocation service, whichever is later. Bases allocation shares on the following factors: (1) the amount of hazardous substances contributed by each party; (2) the degree of toxicity and mobility of such substances; (3) the degree of involvement of each party in the generation, transportation, treatment, storage, and disposal of such substances; (4) the degree of care exercised by the party; (5) the cooperation of the party in contributing to the response action; and (6) other factors determined by the Administrator.

Sets forth components of orphan shares. Requires shares that the allocator cannot attribute to any party to be distributed among parties, including the orphan share.

Authorizes the Administrator and the Attorney General to reject the allocator's report under certain conditions. Permits settling parties to seek a new allocation if there is convincing evidence that the allocator did not have certain information when the report was issued.

Includes within settlements based on allocated shares: (1) a waiver of contribution rights against all PRPs for the response action as well as a waiver of rights to challenge any settlement the President enters into with any other PRP; (2) covenants not to sue; (3) a site-specific premium that compensates for the U.S. litigation risk with respect to PRPs who have not resolved liability (unless the settlement covers 100 percent of response costs); (4) contribution protection regarding matters addressed in the settlement; and (5) provisions through which the settling parties shall receive reimbursement from Superfund for response costs incurred in excess of the aggregate of their allocated share and any premiums required by the settlement. Lists maximum amounts for premiums authorized for litigation risk. Permits the Administrator to modify such amounts.

Authorizes the United States to commence actions against liable persons who have not resolved liability following allocation.

Sets forth conditions under which a party that performs work in excess of its allocated share may be reimbursed. Limits Superfund financing for reimbursements of costs incurred by parties that are attributable to orphan shares.

Makes Federal agencies named as PRPs subject to the allocation process to the same extent as any other party.

Declares that the procedures set forth in this Act shall not be construed to modify the principles of retroactive, strict, joint, and several liability.