What are the paraments (Sp?) for? I know they decorate the alter and chancel and change color with the different events in the church. Do they have any other purpose? Any significant meaning?
The paraments, indeed, do "change color" i.e. follow the liturgical colors of the church year, which begins with the first Advent, the fourth Sunday before December 25 i.e. Christmas.
WHITE symbolises purity, innocence and holines; God, Jesus, angels, and All Saints, and is used on the most important Christian seasons, first and foremost on Christmas and Easter.
RED is the color of blood, fire, passion; the Holy Spirit and martyrs, and is used on Pentecost, All Saints', Apostles and martyrs.
GREEN is the color of hope and eternal life, growth, and is used after Epiphany to Lent and *almost all Sundays* after Pentecost. Hence you could say it's the most common liturgical color we see, followed by white.
VIOLET (or DARK BLUE) symbols mourning, penitence, and is used on the seasons of Advent (2nd, 3th and 4th) and Lent and the Holy Week. In a way, this royal color (blue was the most expensive tint, hence "royal blue") signals us to calm down, be quiet, to contemplate, if that makes sense.
BLACK is the color of death and therefore the liturgical color on the day our Lord Jesus Christ gave his life for us so that anyone and everyone who believes in Him will not perish but shall have eternal life, i.e. Good Friday and Holy Saturday.
Other than following the colors of the liturgical year, the paraments are "practical" clothes, if you will, used in the service, most usually the altar cloth and chalice cloths. Often they do have Christian symbols embroidered in them, but other than that, the paraments, their choice of patterns, fabrics, and indeed their very use or non-use reflects the congregation's and the specific church's culture and history, rather than a pre-set standard of the One, Holy, Apostolic and Catholic Church. In other words, if a congregation has and uses them, the liturgical colors they follow are universal, but everything else is down to the local culture, custom, history, if that makes sense. For instance, over here in Finland, we do use altar and chalice cloths, but not those "banner-like" things hanging from and/or around the altar (hence, as you see, I don't even have a word for them!

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