Gamesmanship between competitors can occur intentionally or innocently during a round of golf. Among friends, it may be part of the game. If you're playing in a business golf round, however, it could be the cause of some hard feelings, which you want to avoid.
The Wall Street Journal recently had an article entitled, "The Art of Gamesmanship." The writer talks about why golf is conducive to gamesmanship. First, the ball is not moving and is less violent physically. Thus, players are more vulnerable psychologically. Second, the players are in close contact with one another on tees and greens.
The article summarizes four categories of gamesmanship. First, a player gives unwanted tips on a player's swing or stroke. Second, a player deliberately becomes an irritant, such as by talking about controversial topics or by walking slowly when playing with a fast player. Next, the player becomes a physical distraction, such as by standing too close or jangling coins. Finally, a player knowingly gives false information about the course or states "Wow, I really hit that putt" even though the ball is short of the hole.
So be aware of how your comments may be construed as gamesmanship by your business golf playing partners. After you've determined how well someone plays, you can safely say, "Nice shot!" or "Great putt!"