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If it is a large project, then your role will be to monitor the overall project plan through (probably) a weekly project review meeting. In which case the next action for you would be something along the lines of " waiting for Fred to email xyz project update" followed by actions of "review xyz project report" and "clap/slap Fred on xyz project progress" along with any actions for you that come out of the project review process.

If it is a simple one off task you have delegated then just create the waiting for task on the project with the date you need to Remind or receive an update so it stays out of your way until you need it.

There is a danger that one delegates a project but still project plans it. So there are now two plans (one in your OF and the other on Fred's system). This is wasted effort. If it is Fred's project he should do the planning. You just need to monitor, coach and clear roadblocks.

HTH