The Contract Labour (Regulation & Abolition) Act, 1970 aims to regulate the employment of contract labor in certain establishments and to provide for its abolition in certain circumstances. The key aspects include registration of establishments employing contract labor, licensing of contractors, welfare provisions for contract workers, obligations of principal employers and contractors, and penalties for non-compliance. It applies to establishments with 20 or more contract workers and contractors with 20 or more workers. The Act seeks to ensure fair wages and welfare facilities like canteens, restrooms, and first aid for contract labor.