Graded contractions of bilinear invariant forms of Lie algebras

We introduce a new construction of bilinear invariant forms on Lie algebras, based on the method of graded contractions. The general method is described and the $\Bbb Z_2$-, $\Bbb Z_3$-, and $\Bbb Z_2\otimes\Bbb Z_2$-contractions are found. The results can be applied to all Lie algebras and superalgebras (finite or infinite dimensional) which admit the chosen gradings. We consider some examples: contractions of the Killing form, toroidal contractions of $su(3)$, and we briefly discuss the limit to new WZW actions.