Principals use incentive contracts to trade with agents in a search environment, solving problems of search, adverse selection, and moral hazard. The equilibrium for quasi linear preferences is fully characterized, showing that search frictions can correct inefficiencies by internalizing agents' utility. In this setting, incentives are weaker than in bilateral contracts, leading to more efficient risk sharing for agents. However, when transfers are constrained, search and moral hazard interactions can result in an inefficient allocation, with principal competition causing over-insurance of agents and reduced effort in equilibrium.