A Put option gives its holder the right to sell an asset for a specified exercise price on or before a specified expiration date.
Define expiration date?
A consumable product's expiration date, as determined by the maker, is the final day on which it will be at its peak quality. Consumers can learn a product's safe-to-consume date from its expiration date.
A put option offers you the right, but not the responsibility, to sell a stock at a particular price (known as the striking price) by a particular date and time, or at the option's expiration.
Therefore, the Put buyer pays a premium to seller in exchange for this right.
Learn more about the put option from the given link.
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