From Chronopedia

Chronostasis - A definition

Chronostasis (from Greek χρόνος, chrónos, "time" and στάσις, stásis, "standing") is a type of temporal illusion in which the first impression following the introduction of a new event or task-demand to the brain can appear to be extended in time. This is particularly noticable when looking at a watch face for the first time - the second hand appears to stop or run slower for the first second. After that the brain adjusts and sees the movement in 'normal time'. It is more pronounced with quartz dead-second watches where the first interval appears even slower, or that the watch has stopped completely.

For more terms see - Watch Terminology