ChemDraw error on launch: Microsoft Visual C++ Runtime Library Runtime Error

While launching Chem(Bio)Draw, I got the following error:

"Microsoft Visual C++ Runtime Library
Runtime Error!
Program: C:\Program Fil…
This application has requested the Runtime to terminate it in an unusual way.
Please contact the application’s support team for more information."

Please do the following to fix the "Microsoft Visual C++ Runtime Library" error

1. Move the downloaded installer (eg., cos2xx.exe) to your Desktop and create a new folder on your Desktop with the name COS2xx
2. Right-click the installer (cos2xx.exe) and select “Run as Administrator” from the context menu.
3. The wizard asks you to point to the folder where you need to place the extracted installer, select the browse button and point to the COS2xx folder and click the OK button.
4. After extraction close the wizard
5. Browse to the folder COS2xx\ThirdParty\Microsoft\ and run the vcredist_x86.exe file (if you have 32 bit Windows) vcredist_x86.exe as well as vcredist_x64.exe (if you have 64 bit Windows).
6. During the installation you will get two options "Modify" and "Uninstall" please select "Uninstall" and then once again try step 5; After completion restart the machine
7. Then uninstall ChemOffice components using Programs and Features from the Control panel
ie.

PerkinElmer ChemOffice 64-bit Support
PerkinElmer ChemOffice Suite
PerkinElmer ChemScript

8. Restart the machine and reinstall the product