Power to rescind implied in reciprocal obligations

Dear PAO,

I am an officer of our homeowner’s association. My problem is about the security guards we engaged for a period of one year to maintain the security of the premises of the subdivision. We find the services of these guards to be inadequate because of minor violations. We already sent notice to the agency regarding the possible termination of their services, however, the agency claimed that we could not just terminate the contract since no grounds for termination had been provided therein. I reviewed the contract and indeed, no grounds were provided for its pre-termination. Is the security agency correct?