Editorial reason

The linking page has a natural reason to mention the destination, and the link helps a reader understand or continue the topic.

Relevance

The site, article and destination form a coherent relationship. Relevance can be broad or narrow, but it should be explainable without SEO jargon.

Publication quality

The linking site appears to serve a real audience, maintain editorial standards and publish more than unrelated commercial contributions.

Placement context

A link inside a useful paragraph is different from a forced insertion or sitewide template link. Context matters.

Transparency

Paid relationships should be treated as paid relationships. Do not redefine a sponsored placement as editorial merely because a metric looks strong.