In many modern designs, timing is either a key optimization goal and/or a mandatory constraint. We propose the first intellectual property protection technique using watermarking that guarantees preservation of timing constraints by judiciously selecting parts of the design specification on which watermarking constraints can be imposed. The technique is applied during the mapping of logical elements to instances of realization elements in a physical library. The generic technique is applied to two steps in the design process: combinational logic mapping in logic synthesis and template matching in behavioral synthesis. The technique is fully transparent to the synthesis process, and can be used in conjunction with arbitrary synthesis tools. Several optimization problems associated with the application of the technique have been solved. The effectiveness of the technique is demonstrated on a number of designs at both logic synthesis and behavioral synthesis.