Thanks for that - as I have very nice solid Jones & Shipman vertical drill so some pointers as what constitutes "a modern 'no-volt' arrangement" and why I might be "happier" with such a setup would be appreciated.
The purpose of the 'no-volt' release (NVR) is to prevent the automatic restart of equipment in the event of a supply failure. It's good practice to use a NVR on a machine tool, as in the event of power failure or trip the machine will stop, but if you don't isolate it at the mains, then as soon as the power is restored it will restart automatically with potentially disastrous consequences... Unless a NVR is fitted of course.
A NVR consists of a relay with one set of contacts holding the coil energised. The start button bypasses these contacts when pressed. After the start button is released the contacts on the relay keep the coil energised. The stop button is a normally closed contact that breaks the current to the coil when pressed. More expensive NVR's also have thermal overloads which trip the NVR off if the current exceeds a set value for a period of time. I'm obviously describing single phase switching here, three phase is the same in principle but with more coils etc. Incidentally, you may also see them described as motor starters.
For instance, basic no-volt on/off single phase switch:
Axminster NVR Switch c/w Box 230V 1ph
With a stop button that's easier to hit in an emergency:
KEDU NVR Switch 230V 1ph E Stop
The luxury model with a thermal trip:
Axminster NVR Switches 230V 1ph
Obviously these are retail prices, if you look on eBay you will find the last example available at much lesser prices - this is where I got all mine from. As I also say above; don't forget to check the wiring and motor insulation as well.
Hope this helps.
Andrew