I apologize for posting so many comments on the other answer. There are a lot of questionable settings described that you did not ask about and even if you did I would be wary of some of that advice.
The easy answer is to edit the ntp.conf file on the clients and change the line that looks like (i don't have a centos example in front of me, I am sorry I cannot be more specific):
server centos.pool.ntp.org ...
or
pool centos.pool.ntp.org...
and set this to
server ntp.example.org iburst
In a perfect world you should have 3 or more time servers listed in ntp.conf, It is important to note that if your local time server crashes your clients will not have any upstream time sources. The other answer tries to solve the problem of losing the local time server with the orphan craziness but I think you should avoid that for now. If you want to do the orphan setup you need to do some more reading.
If you want to have all the local clients use the local server and then fallback to the ntp.org server in case it goes down or starts acting crazy use one of the following. The first is for 4.2.6p5 and earlier. The second is for 4.2.7 and any future versions barring a change.
# for 4.2.6p5 and earlier (server directive acts differently depending on ver)
# This is the easiest way to deal with all versions
#prefer our local if its up and not a falseticker
server ntp.example.org iburst prefer
# fallback to these if things are bad with ntp.e.o
server 0.YOUR-COUNTRY-CODE.pool.ntp.org iburst
server 1.YOUR-COUNTRY-CODE.pool.ntp.org iburst
server 2.YOUR-COUNTRY-CODE.pool.ntp.org iburst
server 3.YOUR-COUNTRY-CODE.pool.ntp.org iburst
Option 2:
# this is the future
#prefer our local if its up and not a falseticker
server ntp.example.org iburst prefer
# fallback to pool.n.o if things are bad with ntp.e.o
pool YOUR-COUNTRY-CODE.pool.ntp.org iburst
Notice I changed centos.pool to your-country-code.pool. If you are in the US use us.pool.ntp.org
. This will mean you do not get servers from another continent/country like you can with vendor pool directives.
You may also want to look into supplying the ntp server address as part of your dhcp responses. I am not sure if centos supports this but some distributions/systems will honor a ntp-server option from dhcp.