Dephasing, i.e. the decay of the optical interband polarization in a semico
nductor results from destructive interference effects between different mic
roscopic contributions. For a system without ally disorder it is shown that
the many-body Coulomb correlations lead to excitation-induced dephasing wh
ich becomes increasingly important at elevated excitation levels. The effec
t of disorder-induced dephasing is analyzed for low excitation levels, wher
e the combined influence of excitonic, biexcitonic, and disorder scattering
contributions lead to a temporal decay of the four-wave-mixing signal.