serenoo, you don't need to remove pages like "contact". First, even the Panda understands that there won't be a lot of content on those pages. And second, you are discussing a confirmed guidelines violation, not a Panda demotion.
From my experience with a site that has thousands of reciprocal link exchanges (topically relevant and organized in Resources category pages) it takes more than a couple bad neighborhood links to make a problem. We have an intern review these links about twice a year and we always find a couple that have turned into bad neighborhoods.
There has never been a penalty against this site. It's a significant pattern of outbound links pointing to bad neighborhoods that causes trouble, not a few apples that turn bad in time.
Link exchange "schemes" were clearly dead in the water as a ranking tool even before Google became king of the hill. It wasn't Google alone who did the deed. But reciprocal linking done in service of the site's visitors has never been a problem.