Bill won a contract to carry out carpentry work on a large building renovation project for Nicholson Ltd. Bill ran into financial difficulty, partly because his price was too low, He told Nicholson he could not meet their deadline and may, in fact, be unable to finish. Nicholson Ltd. agreed to pay him an extra $50,000 to complete the work. Bill did the work, but he has only received $5,000 of the agreed payment.

Advise whether Bill is entitled to the extra $50,000 payment.