More than likely you need a new clutch cable. When you pull the lever and let it out the cable is probably binding just enough to keep the clutch from fully engaging. Thus the clutch slips till the cable fully extends, then the clutch grabs. To test this unhook both ends of the clutch cable and grab one end with your fingers. It should move freely with no resistance. If it is slow or sticky replace it. Even just a kink in the cable close to the housing or rust inside the housing will cause the clutch to not fully engage. The average Honda clutch is typically good for more than 60,000 miles under normal driving conditions. If you drive the bike hard or have been slipping the clutch for a while and notice a burnt smell in the oil, then you may need new clutch plates. Check the cable first, it is a lot easier to deal with.
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