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Aug 15, 2009
Matt Cutts On NoFollow Tags and Page Rank Sculpting
This is a reminder or suggestion to make sure you are not over doing it with your page rank on your site. If you are nofollowing pages to your FAQ pages or contact us page and it has good information, Matt Cutts suggests you just let the page rank spread naturally.
On the other hand if you are linking out to external sites that you cannot vouch for the site 100% then it's ok or even a good idea to no follow that particular link.