All disputes arising out of this contract are to be submitted to arbitration in Paris. The arbitration is to be administered by the Arbitration Institute of Leicester City. There will be a sole arbitrator, who must be a member of the Chartered Institute of Arbitrators and qualified to practice law in Myanmar. All proceedings are to be held in Moscow. Litigation may be commenced only in Italian courts." The "Arbitration Institute of Leicester City" does not exist, although the London Court of International Arbitration has a branch in Leicester. When the contract was signed, two members of the Chartered Institute of Arbitrators were qualified to practice law in Myanmar. Since that time, Myanmar has outlawed membership in the Chartered Institute of Arbitrators. One of the two arbitrators qualified in Myanmar cancelled his membership in the Chartered Institute of Arbitrators, thereby retaining his licence to practice law in Myanmar. The second has retained his membership in the Chartered Institute of Arbitrators, and as a result is no longer licensed to practice law in Myanmar. Critically discuss whether the parties have a binding arbitration agreement