Help with dress code - "Smart-casual" ??

I have a 2 day long interview beginning tomorrow. Tomorrow consists of visiting operational sites in the afternoon and dining with management/executives in the evening. The dress code has been stated to be 'smart-casual (no ripped jeans or trainers)'.

This is followed by sleeping over and then a full day of interviews on Friday in 'business dress', which is simple enough.

So what exactly is 'smart-casual'? I don't want to be underdressed nor overdressed. Although it states ripped jeans aren't allowed, i'm not even going to risk wearing plain jeans.

I'm thinking a pale lilac knit over a white shirt (no tie) with black trousers and a pair of black lace up Derby's. Would this be alright?

Cheers.