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A negotiation protocol is a specification of the rules that govern deliberation among negotiation agents. To model negotiation protocols formally is an important task in the designing of automated negotiation systems for electronic commerce. Lots of work has been done for negotiation modeling, but there still lacks a formalism for negotiation protocols of time-constrained multi-issue negotiation, which can be widely applied in electronic commerce. This paper proposes a modeling framework for time constrained multi-issue negotiation protocol. An extended Colored Petri Net model is proposed and used to represent the modeling framework formally. To illustrate the applicability of the extended Colored Petri Net model, an auction protocol with fixed number of bidders are modeled and the model΄s characteristics are verified using the Petri Net verification tool HPSim. [ABSTRACT FROM AUTHOR]