When trying to create a Local term set by Selecting the option "Customize your term set:", Got the error message :
"The default termstore for this site cannot be identified"
This is because: Managed Metadata Service Application Service Application to set default storage location for Term Sets is not specified!
Go to Central Administration >> Manage Service Applications >> Highlight your Managed Metadata Service Application >> Click on the Service Connection >> Properties icon in the ribbon >> Enable "This service application is the default storage location for column specific term sets."
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