A clamping assembly for a toolholder includes a toolholder body having an access hole. A locking sleeve is slidably disposed within the access hole and a center collet is disposed within the locking sleeve and is fixedly connected to the toolholder body. The center collet receives a retaining tip of a tool. A spring assembly and a release device cause the locking sleeve to move within the access hole between a load position, where the locking sleeve is disengaged from the center collet such that the center collet is open and a lock position, where the locking sleeve engages the center collet such that the center collet is closed and locks the retaining tip of the tool within the access hole.