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You may be tempted to swap links with any straggler that hazards past and requests a link. Resist this primal temptation. Only trade links with similar sites of good quality.

Technically, search engines do not follow all links. Below are some examples of links that do not pass popularity to the recipients website.

[list:8f1ebeb05c]
Links wrapped in JavaScript
Text with a redirect such as /link.php?out=4
linkfarms with 100+ per page
flash
[/list:u:8f1ebeb05c]

To be clear, the reason for linking to a site is because it will provide value to YOUR customers. It should not matter if you get a ranking benefit from the link, as these become an extension of your online presence that all can see.