There are three common causes for this error.
No License Installed or Invalid License
The license may not have been installed properly. Check for the existance of the directory C:\Program Files\Common Files\xheo\SharedLicenses and a file named similar to either 'DelegationFixedTrialLicense.lic' or 'DelegationFull.lic'. If either the folder or file are missing, then visit http://software.sharepointsolutions.com/Products/Pages/Asset.aspx?AI=4 and download the trial license installation or install the production license by following the link you received in your order confirmation email.
Third Party Issues
Another common cause it the installation of another 3rd party SharePoint application, specifically a Bamboo product. 3rd party applications often change the location that SharePoint looks for licenses. If a 3rd party application has been installed, simply move the Delegation license from C:\Program Files\Common Files\xheo\SharedLicenses into the folder for the other application; for example C:\Program Files\Common Files\BambooShared\License.
If you are installing onto a 64 bit machine, the license is by default installed into C:\Program Files(x86)\Common Files\xheo\SharedLicenses. Simply move the files from there into the 64 bit version of the folder C:\Program Files\Common Files\xheo\SharedLicenses.