  C-O Diagrams have been introduced as a means to have a more visual
representation of 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 constraints. In this paper we present a formal semantics for
C-O Diagrams based on timed automata extended with an ordering of states and
edges in order to represent different deontic modalities.
