do i need to reinstall Parallel after upgrading to mountain lion

You need Build 7.0.15104 to Upgrade to Mountain Lion

You need to Update your Parallels 7 for mac to Build 7.0.15104 first, back up all your data before the upgrade to Mountain Lion, then close your parallels software and any other program or software daring the upgrade, so nothing will get corrupt. Good luck with your Upgrade!
 
You will need to uninstall and then reinstall Parallels Desktop after Mountain Lion

I just had a problem solved with help from Parallels Support. If you upgrade OS X Lion (or other?) to Mountain Lion you may need to uninstall and then reinstall Parallels Desktop 7. This is done by downloading the Parallels Desktop 7 and selecting Uninstall in the downloaded package. Once uninstalled, then to an Install of Parallels. My problem had to do with USB disks on a Virtual Machine, but there may be other problems. Parallels Support said that a bulletin or advice to do the Unistall/Reinstall is likely to be posted at some point.
 
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