1 – Damages for Breach of Contract Under New York Law. 1.1 – General Damages. 1.2 – Consequential Damages. 1.2.1 – Lost Profits. 1.3 – Nominal Damages. 1.4 – Liquidated Damages. 1.5 – Punitive Damages. 2 – Damages Issues in Arbitrations Seated in New York. 2.1 – Punitive Damages: Federal Arbitration Act vs. New York Law. 2.2 – Modification and Vacatur of Awards. 3 – Conclusion: An Overview.