From Wikipedia:
http://wikipedia.org/wiki/NHL_salary_cap
A player can only be subjected to a team-elected arbitration one time in his career, while a player may elect arbitration as many times as possible, provided that a qualifying offer has been made. After a qualifying offer is made, an eligible player can elect to go through the arbitration process, where the team and the player each make an argument for a certain contract size. An independent arbiter hears the arguments and decides on a fair contract amount. If the player has elected arbitration, and the award is more than $3,500,000 (from 2005-2012, the threshold was $1,042,173), a team has 48 hours to "walk away" from the arbitration award, making the player an unrestricted free agent. If the team has elected arbitration, the arbitrator's award is binding regardless of the amount.
__________________
The Quest stands upon the edge of a knife. Stray but a little, and it will fail, to the ruin of all. Yet hope remains while the Company is true. Go Flames Go!
Pain heals. Chicks dig scars. Glory... lasts forever.