3 Axis CNC router

[JAZZCNC]

Not very easy to read labels but I suspect your using the HV option on controller to turn on contactor.?
Don't use it my self because it's pain in arse.? It will drop the power to drives every time you put mach into reset. This means because the motors jump when powering drives you'll have to home the machine everytime mach goes into reset. Many times that will be ok but there are others when you don't want that. Like when making simple setting change etc.
I'd just have the E-stop safety relay switch contactor on.

Couple of small things I see.

#1 Fuse the Water pump.
#2 Run water pump 0V thru VFD relay so only comes on when spindle running.

Regards VFD power then wouldn't get too OCD about it.! The controller will Stop it spinning when see's E-stop so could leave it out of the E-stop system if you like.
But if you do want to Kill it then use Timer relay which is set to drop power after spindle stops spinning. Personaly I wouldn't bother because the few times you will Kill power while spindle is spinning won't hurt the VFD. Plus the VFD takes several sec's to power down anyway because of Caps. By which time spindle will have stopped.! . . . . . Anyway If Cutter is embedded in your hand you won't really care because you'll passout before VFD powers down.