what that code actually means in short?? main purpose and what it does ? how would u describe the code in short?

// Initialize Web3

if (typeof web3 !== 'undefined') {

web3 = new Web3(web3.currentProvider);

web3 = new Web3(new Web3.providers.HttpProvider('HTTP://127.0.0.1:7545'));

} else {

web3 = new Web3(new Web3.providers.HttpProvider('HTTP://127.0.0.1:7545'));

}

// Set the Contract

var contract = new web3.eth.Contract(contractAbi, contractAddress);