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We study infinitely repeated two player games with perfect information, where each period consists of two stages, one in which the parties simultaneously choose an action and one in which they make side payments. We show that in order to find subgame perfect or renegotiation-proof payoffs for a given discount factor one can restrict the analysis to a class of simple stationary strategy profiles, which we call stationary contracts. We provide simple conditions that characterize renegotiation-proof stationary contracts, and apply these to a series of examples.