I seem to recall that we must or should have a 'speedbump' notice when we have a link on our Web site to a partner's site; can anyone please confirm this and also provide the suggested verbiage? Thanks.

There was an interagency guidance issued on April 23, 2003 regarding weblinking (I'm sure there's more sources but this has pertinent information). This is what was suggested for content:

The institution might post a disclosure stating it does not provide, and is not responsible for, the product, service, or overall website content available at a third-party site. It might also advise the customer that its privacy polices do not apply to linked websites and that a viewer should consult the privacy disclosures on that site for further information. The conspicuous display of the disclosure, including its placement on the appropriate webpage, by effective use of size, color, and graphic treatment, will help ensure that the information is noticeable to customers.

Essentially when a viewer is leaving your site to go to any other, it is advisable to ensure they recognize this and that privacy, security and other issues may differ from what they were experiencing at your site. So when you use the term "partner" that may be more constraining that the intent here unless you do not allow other external links.