How to exchange links without getting ripped off

When I exchange links with other websites I make these steps:

1. I look for quality website. I don't care about pagerank to much because quality website will gain some backlinks soon.

2. I look for related sites only. When I exchange links for SEO related website I will never exchange link with jokes site. Googlebot is intellingent and it can make difference between relevant link and unrelevant link.

3. Some webmasters disallow spiders to access the link page. It is good idea to have a look if exists robots.txt by calling domain.com/robots.txt.

4. Then I look if the site where should be my link placed is in google cache.

5. The last step - I check the HTML source to make sure there are not nofollow tags.

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