NTP stands for Network Transfer Protocol, this protocol developed to synchronize the clocks of system over the network. The NTP set that the true time to operate and internet standard protocol. There are several reference clocks synchronize over a  network and exchange the time information either  bidirectional or unidirectional.

You can install the NTP by YUM command on terminal, just run the below command,
 

# yum install ntp

Dependencies Resolved
=============================================================================================
 Package                        Arch       Version               Repository         Size
=============================================================================================
Installing:
 ntp                            x86_64     4.2.6p5-5.el6.centos   base               595 k
Installing for dependencies:
 ntpdate                        x86_64     4.2.6p5-5.el6.centos   base               77 k

Transaction Summary
=============================================================================================
Install       2 Package(s)

Total download size: 672 k
Installed size: 1.7 M
Is this ok [y/N]: y



The ntp default installation directory is /usr/sbin/. Once the installation completed can check the installed path.

You can Start, Stop, Status  ntpd service using below commands,

# /etc/init.d/ntpd start 
Starting ntpd:                           [  OK  ]
# /etc/init.d/ntpd status
ntpd (pid  20568) is running...
# /etc/init.d/ntpd stop  
Shutting down ntpd:               [  OK  ]


Also do you want to startup this service on system booting time, need to enable on chkconfig,
 
# chkconfig ntpd on

# chkconfig --list ntpd
ntpd       0:off    1:off    2:on    3:on    4:on    5:on    6:off

After NTP service  has been started, the time will be synchronize with its pool servers, so you need to wait for few moments then run the following commands.

#  ntpq -p

remote           refid      st t when poll reach   delay   offset  jitter
==============================================================================
+clock.sjc.he.ne .CDMA.           1 u    3   64    1  239.612   38.680   1.174
*ntp.your.org    .CDMA.           1 u    2   64    1  229.875   29.049   0.594
-resolver2.level 10.67.8.18       3 u    1   64    1  132.664   23.690   0.759
+services.quadra 96.44.142.5      3 u    1   64    1  222.392   30.848   0.790
​# date -R
 Fri, 09 Oct 2015 18:49:11 +0530 

 
# ntpdate -q  0.ro.pool.ntp.org  1.ro.pool.ntp.org

server 78.96.7.8, stratum 2, offset -0.018490, delay 0.18530
server 82.77.139.162, stratum 3, offset -0.012878, delay 0.20699
server 82.78.227.6, stratum 2, offset -0.014045, delay 0.20486
server 89.149.54.30, stratum 2, offset -0.012620, delay 0.22261
server 89.149.59.102, stratum 2, offset -0.011485, delay 0.21278
server 93.190.144.3, stratum 2, offset -0.014490, delay 0.19954
server 89.149.54.18, stratum 2, offset -0.017279, delay 0.21910
server 89.40.65.2, stratum 2, offset -0.012900, delay 0.21053
 9 Oct 18:49:36 ntpdate[20662]: adjust time server 78.96.7.8 offset -0.018490 sec


Need more log information about access and troubleshooting  when running the service, just create a ntp.log file and configure in ntp.conf file.

Open a ntp.conf file in any text editor and add the below line,
 
# vim /etc/ntp.conf

logfile /var/log/ntp.log


After update, you want to restart the service.