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Like a lot of outdoor furniture the hardware and fasteners are not proper for exterior use. The teak it's self should last years even if not maintained. It will just silver and gray. So when you say it is falling apart what is falling apart? Is the wood rotted or has the fasteners rusted and deteriorated? So long as the teak isn't rotted which is hard to believe just replace the fasteners. If you want a nice blonde teak wash it with soap and water and then a bleach solution mixed about 50/50 bleach and water and rub lightly in the direction of the grain with a soft bristle scrub brush. Let set a few minutes and rinse with a hose. You can preserve the color with a light oiling a few times per summer.
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