You can do a hardwipe of the phone which will delete all personal information and 3rd party apps and restore the phone to the way it was the day you go it. So you can't do the contacts specifically, it's all or none.
If you want to do the hardwipe find your Options icon and click on it. Then go to Security Options and then General Settings. In this screen hit your menu button and click on "wipe handheld". It will confirm if you want to delete 3rd party apps or not and ask you to type in "Blackberry" and it will start wiping the phone.
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