Cancel a painting contract

Hello

I live in a community and I was elected president this year in our general meeting in February.
Last year 2012, the ex president signed a contract to have the 6 blocks that belong to our community painted. It is a process of 3 years. 2 blocks were painted last year. 2 more blocks this year and 2 more next year.
The total of this quote is 67,000 euros.

Because people complained about the high cost of it, I got another quote and it is a lot less than the other contract. To paint 4 blocks and garages is 17,000 euros.

The existing contract does not have a cancellation clause. I would like to know can the community be sued for damages on cancelling the contract?
or do we just have to pay a fine?

I would appreciate your advice.
Thank you