This Error is a general Crash error and can come up while installing or using the software. Try the steps below to fix. The fix below will cause Studio to lose all tags, ratings, collections, clip modifications, etc. will be lost and unavailable in Avid Studio if it is ever re-installed.
1. Close Studio.
2. Browse to this location: C:\Users\(your account user name here)\AppData\Local\Avid\Studio\1.0
3. Rename the 1.0 folder to 1.old.
4. Re open the software and see if the Error still comes up.
If these steps fail see this FAQ for further trouble shooting.