Yep, 2 "phase" wires is all you need on single "faze" 240 volt system, black and red. Except for 120 volt motors, no motor ever requires a neutral, unless you're using some kind of funky controller that requires a neutral for the control circuit. Your circuit should have 3 conductors, 2 phase conductors and a ground. Before connecting the motor, if it's a multi-voltage motor, make sure sure it's cross connected properly for 240 volt inside the motor terminal box, should be a wiring diagram on the motor nameplate or inside the motor terminal box. Be sure and ground it properly, the ground is the most important connection. Connect the ground screw if provided or to any convenient screw or lug on the motor frame or terminal box. If it runs backwards, simply swap the two "hot" wires. Hope this helps.