In-Context Editing not working

Premshan

I added the OOTB "/Installed Components/Interwoven/Marketing/Content/Basic Content" component to a LiveSite page to test the ICE functionality. For some reason I was not able to see the "Click to Edit Content" tooltip which shows for Datums with ICE enabled. Can anybody provide me directions on how to find out what the issue is.
We are using TeamSite 7.2.1 on Solaris

Also I would like to know if there is something I need to enable on iw.cfg for ICE to work fine.

Thanks in advance