The Circuit of the Americas based in Austin, Texas, has been developed on the understanding that the rights agreed between Formula One supremo Bernie Ecclestone and race promoters Full Throttle Productions would be passed to the new circuit.
Next November's race had already been thrown into doubt by recent comments made by Ecclestone, who said he would not "put money" on the project going ahead, citing a dispute between the circuit and the rights holders.
Texas state controller Susan Combs on Tuesday further muddied the waters by stating that no funds would be paid in advance of the event, but it was the later statement by Circuit of the Americas bosses, confirming the suspension of the construction work, that will cause most concern.
Over 300 workers have been employed at the venue in recent months but they have now been stood down from their duties - and will only resume their work once the race contract is in the hands of the circuit's bosses.
"Organisers of Circuit of the Americas, a premier motor sports racing and entertainment venue being developed in Austin, Texas, are suspending further construction of the project until a contract assuring the Formula 1 United States Grand Prix will be held at Circuit of the Americas in 2012 is complete," the statement read.
"The race contract between Formula One and Circuit of the Americas has not been conveyed to Circuit of the Americas per a previously agreed upon timetable.
"While construction at Circuit of the Americas has progressed as scheduled with over 300 workers at the construction site daily, all work will suspend immediately.
"The delivery of the Formula One Grand Prix race contract will allow construction operations to resume."
Bobby Epstein, a founding partner of the track, added: "We have spent tremendous resources preparing for the Formula One and MotoGP Championship races, but the failure to deliver race contracts gives us great concern.
"We believe the United States is vital for the future of Formula One and its teams and sponsors."
Tavo Hellmund, the man behind the Full Throttle Productions company who agreed the staging rights with Ecclestone, said at the weekend that the onus was on the circuit developers to ensure the contract for the race was finalised.
"Mr Ecclestone has been incredibly patient with the challenges here in Austin," said Hellmund.
"Full Throttle Productions has worked tirelessly to bring the Formula One United States Grand Prix to Austin.
"It is now the responsibility of the Circuit of the Americas to make this project happen before Mr Ecclestone's patience runs out."
The race in Austin is due to be the first of two new US grands prix, with the Grand Prix of America in New Jersey scheduled for 2013.