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I would suggest a rating system instead.
Only members can rate sponsors and only once.
Maybe a list of fixed reasons for the rating (so people can't write insults etc):
1- They owe me money and won't pay.
2- They never return their emails.
3- They cheat with the stats.
...
9- Great list of sites.
10- Converts really well.
No legal problem and it would be more reliable in the long run.
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