How to fix "Word wasn't able to load an add-in" error after Endnote install

How to fix "Word wasn't able to load an add-in" error after Endnote install

After installing Endnote on an Apple Silicon device, you might receive the following error: 


Word wasn't able to load an add-in. Your add-in isn't compatible with this version of Word. Please contact the add-in provider for an update. (EndNote CWYW Word 16.bundle)