  C-O Diagrams have been introduced as a means to have a visual representation
of normative texts and electronic contracts, where it is possible to represent
the obligations, permissions and prohibitions of the different signatories, as
well as what are the penalties in case of not fulfillment of their obligations
and prohibitions. In such diagrams we are also able to represent absolute and
relative timing constrains.
  In this paper we consider a formal semantics for C-O Diagrams based on a
network of timed automata and we present several relations to check the
consistency of a contract in terms of realizability, to analyze whether an
implementation satisfies the requirements defined on its contract, and to
compare several implementations using the executed permissions as criteria.
