At the moment, you have nothing either way - you have no visa and so cannot go there to work, you have no other contract in the UK (or elsewhere) that you're working on.
In the same way that any contract can fall through for whatever reason, you accept the contract subject to signed paperwork and a visa and ability to start work. In the meantime, you look for something else and see what that is like, whether you want to stay, what the contract clauses are to get out etc. etc.
I'm not sure where the dilemma is - you keep looking until you have your feet under the desk (and possibly after that as well).
In the same way that any contract can fall through for whatever reason, you accept the contract subject to signed paperwork and a visa and ability to start work. In the meantime, you look for something else and see what that is like, whether you want to stay, what the contract clauses are to get out etc. etc.
I'm not sure where the dilemma is - you keep looking until you have your feet under the desk (and possibly after that as well).

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