合伙协议终止后，须进行清算。《合伙企业法》规定，合伙企业解散后应当进行清算，由清算人展开清理合伙企业财产、处理与清算有关的合伙企业未了结的事项、处理债权债务等事项，并通知和公告债权人。因而，企业解散和清算条款往往是合伙协议的核心条款之一，在翻译时需要谨慎处理。以下为部分基金合伙协议中的双语条款示例，供参考：

示例一（英译汉）：

Article 9 Winding Up and Dissolution of the Partnership

第九条合伙企业的清盘及解散

9.01 Winding UP. The Partnership shall commence winding up upon the happening of any of the following events:

清盘。合伙企业应在发生以下任何事件后开始清盘：

(a)upon the election of the General Partner following the disposition by the Partnership of all or substantially all of its assets as determined by the General Partner (including pursuant to paragraph 5.06(b);

在合伙企业根据普通合伙人的决定将其全部或大部分资产处置（包括根据第5.06(b)款进行处置）后，普通合伙人选择清盘的；

(b)in the event that the Partnership does not consummate all or a portion of the Initial Investment within sixty (60) Business Days (or any extended period determined by the General Partner) following the initial Funding Date and the General Partner has returned the Capital Contributions (less the amount of the Capital Contributions used to fund Transaction Expenses and/or Organizational Expenses) to each Partner in accordance with paragraph 3.03(a) to each Partner;

合伙企业在初始融资日过后的六十（60）个营业日（或普通合伙人确定的任何较长期间）内未完成全部或部分初始投资且普通合伙人已根据第3.03(a)款的规定向各合伙人返还其出资额（减去用于支付交易费用和/或组织费用的出资额金额）的；

(c)upon a determination to dissolve the Partnership by the General Partner;

普通合伙人决定解散合伙企业的；

(d)the voluntary filing in bankruptcy, the adjudication of bankruptcy or insolvency of the General Partner, or other event of withdrawal of the General Partner under the Partnership Act, where the General Partner is the sole general partner of the Partnership; or

自愿申请破产、作出有关普通合伙人破产或资不抵债的裁决或《合伙企业法》项下有关普通合伙人退伙的其他事件（在普通合伙人是合伙企业唯一普通合伙人的情况下）；或

(e)any dissolution or termination required by operation of law.

合伙企业因法律的实施而需要解散或终止。

9.02 Liquidation. (a) Upon commencement of the Partnership’s winding up, the General Partner or, if there is no general partner of the Partnership, a liquidator selected by a majority in Interest of the Limited Partners (the “Liquidator”), shall act as liquidator to wind up the affairs of the Partnership and proceed within a reasonable period of time to sell or otherwise liquidate the assets of the Partnership and, after paying or making due provision by the setting up of reserves for all liabilities to creditors of the Partnership, to distribute the assets among the Partners in accordance with the provisions for the making of Distributions set forth in the Article Nine. Notwithstanding the foregoing, in the event that the General Partner or the Liquidator shall, in its sole discretion, determine that a sale or other Disposition of part or all of the Partnership’s Investments would cause undue loss to the Partners or otherwise be impractical, the General Partner or the Liquidator may either defer liquidation of, and withhold from Distribution for a reasonable time, any Investment or distribute part or all of any Investment to the Partners in kind (utilizing the principles of paragraph 4.02 and such valuations as may be determined by the General Partner in accordance with paragraph 6.03).

清算。（a）合伙企业开始清盘后，普通合伙人或若合伙企业没有普通合伙人的，由有限合伙人权益多数权益持有人选择的清算人（“清算人”），应担任清算人对合伙企业的事务进行清盘，并在合理期限内出售或以其他方式清算合伙企业资产，且应在向合伙企业的债权人支付所有负债或通过就该等负债设立准备金而作出适当准备后，依照本第九条所载有关进行分派的规定在合伙人之间分派资产。尽管有前述规定，普通合伙人或清算人自行认定出售或以其他方式处置全部或部分合伙企业投资将会给合伙人造成不当损失或不可实行的，普通合伙人或清算人可在合理的时间内推迟清算并拒绝分派任何投资或以实物形式向合伙人分派部分或全部投资（使用第4.02款规定的原则以及普通合伙人根据第6.03款的规定可能厘定的该等估值）。

(b) No Partner shall be liable for the return of the Capital Contributions of other Partners.

任何合伙人均不负责返还其他合伙人的出资额。

(c) Upon winding up of the Partnership, all of the assets of the Partnership, or the proceeds therefrom, shall be distributed or used as follows and in the following order of priority:

合伙企业清盘后，合伙企业的所有资产或其产生的收益应按以下优先顺序分派或使用：

(i)for the payment of the debts and liabilities of the Partnership and the expenses of liquidation;

支付合伙企业的债务和负债以及清算费用；

(ii)to the setting up of any reserves which the General Partner or the Liquidator may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Partnership; and

设立普通合伙人或清算人认为对于合伙企业的任何或有或不可预见的负债或义务合理必要的准备金；及

(iii)to the Partners in accordance with, and subject to, paragraph 4.02; provided that such amounts may not be distributed to all Partners contemporaneously.

依照并根据第4.02款的规定，向合伙人进行分派；但不得将该等款项同时分派给所有合伙人。

(d) When the General Partner or the Liquidator has complied with the foregoing liquidation plan, the General Partner or the Liquidator shall file a notice of dissolution in accordance with the Partnership Act and the Partnership will then dissolve.

当普通合伙人或清算人已遵守前述清算计划时，普通合伙人或清算人应根据《合伙企业法》提交解散通知，届时合伙企业将解散。

示例二（汉译英）：

第八条解散与清算

Article 8 Dissolution and Liquidation

8.1解散/Dissolution

8.1.1当下列任何情形之一发生，合伙企业应被解散并清算：

The Partnership shall be dissolved and liquidated if:

(1)合伙企业期限届满；

the term of the Partnership is expired;

(2)普通合伙人被除名或退伙且合伙企业没有接纳新的普通合伙人；

the General Partner is removed or withdrawn from the Partnership and no new General Partner is admitted into the Partnership;

(3)合伙企业被吊销营业执照；

the business license of the Partnership is revoked;

(4)全体合伙人一致同意解散合伙企业；

all Partners agree to dissolve the Partnership; or

(5)出现《合伙企业法》及本协议规定的其他解散原因。

any other reason for dissolution as set forth in the Partnership Enterprise Law or this Agreement occurs.

8.2清算/Liquidation

8.2.1一旦清算事件发生，合伙企业除为清算目的而继续处理日常事务外，不得从事其他经营活动。合伙企业应清理资产，向债权人和合伙人清偿债务。

Once any liquidation event occurs, the Partnership shall not engage in any business activities other than continuing to handle its daily affairs for the purpose of liquidation. The Partnership shall clean up its assets and pay off its debts owed to its creditors and Partners.

8.2.2依法确定清算人后，清算人应按合理商业原则将合伙企业所拥有的资产在合伙企业清算期内变现。合伙企业的清算财产在支付清算费用、缴纳所欠税款及清偿债务后剩余的可分配部分，在有限合伙人之间按各合伙人记账账户中所载的目标公司注册资本额进行核算分配。

After a liquidator is determined according to law, the liquidator shall sell the assets owned by the Partnership within the liquidation period of the Partnership based on reasonable commercial principles. The remaining distributable part of liquidated property of the Partnership after the payment of liquidation fees, taxes and debts shall be calculated and distributed among the Limited Partners in proportion to the amount of registered capital of the Company recorded in the Bookkeeping Account of each Partner.

8.2.3合伙企业财产不足以清偿合伙债务的，由普通合伙人向债权人承担连带清偿责任。

If the property of the Partnership is insufficient to pay off the debts of the Partnership, the General Partner shall bear joint and several liabilities to the creditors.