just be aware of the dynamics of starting your pump direct-on-line. If your system is used to starting with a VFD then this will generally be a gradual and less stressful start. Going into bypass, as mintjulep says, will start the motor at full voltage and frequency so the motor/pump will start immeadiatly. The effect is a high inrush of current and therefore an inrush of the medium you are pumping. (potential hammer occuring).
Depending on the size of motor/pump, it may be more practical to have a reduced voltage starter (Soft start for example) between the bypass contactor and motor.
Also, and I'm sure you don't need a sparky telling you this, as it is a HWCP, once in bypass there is no speed/flow control that the VFD provides so the consequences of full flow of HW will need to be taken into account.