With CPX_PARAM_CUTUP you basically promise that the optimal solution is better than that value. CPLEX does not verify that information, it just trusts you.
Instead of using CPX_PARAM_CUTUP you could also provide your solution as a MIP start. That incurs a little more overhead but has some advantages:
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CPLEX actually has a feasible solution with the specified value, so you can be sure that you don't cut anything wrong
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CPLEX also checks your solution for feasibility, so you can recognize any errors
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CPLEX can run improvement heuristics on that solution, this may potentially speed up the solution process
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