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The most important thing is that you do what you promise and if you decide to put a link down contact that website and let them know.
Their are basically three types of link exchanges: paid ones, links for traffic and links for PR. Toplist links are about traffic, but for a starting site it is also good to look at hardlink deals for PR purposes. I am sure you can find some could ones at the traffic trade section of this board.
Good luck!
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