We have a public folder of contacts with different permissions for different
users.  What we would like to do is mainly have users only able to edit their
OWN contacts (ones which they have created).  I understand that this can be
done by selecting the own radio buttion under Edit Items of the permissions
tab.  In some instances though, people will be exchanging contacts, so how
would one be able to edit a newly acquired contact from someone else with
these permissions set?

Is there a way where the owner of the folder can change the author/owner of
each individual contact?