GRASP (General Responsibility Assignment Software Principles) is a set of principles for assigning responsibilities to classes, including Expert, Creator, Low Coupling, High Cohesion, Controller, Polymorphism, Pure Fabrication, and Indirection. The principles aim to minimize dependencies between classes, reduce impacts of design changes, and allow for variations without affecting dependent components. Following these principles can result in designs with well-defined responsibilities, low coupling, high cohesion, and flexibility to handle changes.