.NET Framework launch condition '<condition>' has AllowLaterVersions property set to 'true' and the project contains a managed custom action
This build warning occurs when the AllowLaterVersions property is set to true and the project contains a managed custom action (custom actions that inherit from the Installer class). AllowLaterVersions is set to false by default.
AllowLaterVersions acts on the .NET Framework launch condition. Prior to running the installation, this launch condition will query the Common Language Runtime to see if a version of the .NET Framework compatible with the Version setting is available on the target machine. If, on the target machine, there is only a higher version of the .NET Framework that does not have compatibility policy with the requested version, and the AllowLaterVersions setting is on, then installation will be allowed to proceed. However the installation can fail if the managed custom action is unable run correctly on the available .NET Framework version. If AllowLaterVersion is off, then the installation will block with an error dialog box.
To correct this error
If your project contains a managed custom action, set AllowLaterVersions to false.