Bids from a university officer or employee or his/her spouse; from a firm, partnership, association, or corporation the owner(s), principal owner(s), major officers, or primary employees of which are officers or employees of the university, or are the spouses of officers or employees of the university, shall not be accepted unless there is no other bid received for the goods and services to be procured. If only one such bid is received or if all bids received are submitted by individuals such as those described above, the purchase order or contract may be executed after the President of the University specifically approves it, and such approval shall be filed with the purchase order or contract for audit as required.