"Unable to determine the default target site collection term store" error message (4337460)

When copying managed metadata using either a list- or item-level copy, the items are copied, but the managed metadata columns are blank on the target list. Also, the error message below is generated in the Content Matrix job history log:

Unable to determine the default target site collection term store

This is a common error in SharePoint and is typically caused when single and/or multiple Managed Metadata Service Applications exist, but one has not been manually designated as the default for the term stores.

1. Open Central Administration > Application Management > Manage service applications.
2. Click on the default Managed Metadata Service Connection, and then click Properties.
   
   
    
3. On the Edit Managed Metadata Service Connection window, make sure both the "This service application is the default storage location for Keywords" and "This service application is the default storage location for column specific term sets" options are enabled, and then click OK.
   
   
    
4. Re-run the migration job.