You will have to get the VFD manual and look at what that relay output it programmed to tell you.
Correct. But as a gross generalization, the "Common Alarm" usually just means it is programmed to change state when any one of the many drive protection functions are activated. So where you would need to look is in the "Fault History" of the drive to see what the fault was. In the SVX9000 that is in the "M4 Fault History Menu', it stores the last 30 faults, starting with the latest.
Past experience would lead me to believe you are getting a Regen situation when you are decelerating and the drive is tripping on DC Bus Over Voltage, then resetting itself. Not uncommon, but it means something is either not working right in your pump system, like a check valve not closing to prevent back-flow, or the drive's Decel programming is incorrect for the application. For example if you have a Pump Control Valve that closes slowly to prevent water hammer (common), then the Decel time of the VFD must ensure that the drive makes the pump still put out enough static head to keep the fluid from flowing backward before the valve closes. If the decel is too fast or gets to a speed at which the pump provides insufficient static head, the flow goes backward, spins the pump backward and because the motor is still energized via the VFD, the motor becomes a generator and charges up the DC bus of the drive.