Error: "One or more errors have been detected. Place your mouse on the red error indicator(s) to display the error message(s)." When saving changes to new or existing contact in Act! Premium (access via web)

Symptom:  Error: "One or more errors have been detected. Place your mouse on the red error indicator(s) to display the error message(s)." When saving changes to new or existing contact in Act! Premium (access via web).
 
Product: 
Product Family:  Act!
Product:  Act! Premium (access via web)
 

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Cause:  The default Company field was moved from the upper section of the Contact Layout to a tab below.

Solution:

In order to resolve this issue move the Company field back to the upper section of the Contact Layout.