First you have to install ntp:

Run as root:

yum install ntp

Then if you run ntpdate again you might get the error again. You can run ntpdate with:

/usr/sbin/ntpdate 2.pool.ntp.org

Replace 2.pool.ntp.org with another server if that doesn’t work.

If you get a ntpdate[585863]: the NTP socket is in use, exiting Error, then run:

/etc/init.d/ntpd stop

Took me 10 precious minutes to update the time in a server … That’s a lot!