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Not good, there are diferent types of Chip Board, as you probably know the weather proof stuff is better of coarse, and can get wet with no ill effects.
However the other untreated stuff, is not moist resistant and will swell and rot away in time, at the slightest hint of moisture.
I don't think sealing it at this point is going to be much help either.
Just my 2/cents worth.
Leon
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