Maintenance for parallels.log ?

I have discovered one of the many logs maintained on my Mac includes something called parallels.log . When I viewed that log this morning, I noted that it seemed to be quite large and held messages that were months old. I have tried to find out what I should expect to see in the log and not found any thread speaking to this.

I'm trying to understand the following:

1. Can this log be managed in some way such as rotated? Are there any utilities available to manage this log?
2. How large can the log get?
3. Are there any scripts, such as the daily/weekly/monthly scripts, to manage this log?
4. Is there any documentation about this?

Any advice appreciated. Thanx.