Undefined variable error changing template style

I'm editing the templates style and when I select any of the tabs to change the colors I get the following error:

"Undefined variable: value in C:\...\elements\hotcolor.php on line 53

How can I solve this?

open that file and replace $value with $this->value

Hello can u help me also?
have the same problem in the hot joomla photo module in your virtuemart template hotfurniture with the hotcolor.php error in line 53
can u help me?
here the line 53 until the end

$value = htmlspecialchars(html_entity_decode($value, ENT_QUOTES), ENT_QUOTES);
$background = ' style="background-color: '.$value.'"';

return '<input type="text" name="'.$this->name.'" id="'.$this->id.'" '.$background.' class="'.$class.'" value="'.htmlspecialchars($this->value, ENT_COMPAT, 'UTF-8').'">';

thank u very much

That is warning , not error and solution is same for j1.6/j1.7

$value replace with $this->value

We have fixed this, please download, unzip and upload the attached file to /templates/hot_templatename/elements (overwrite existing file).

Ty u for ur quick responses. im out of office for weekend ill fix it monday morning and ill let u know.
Thanks in advance