A continuum model that possesses several desirable features of the electrical conduction process in carbon-nanotube (CNT) based nanocomposites is developed. Three basic elements are included: (i) percolation threshold, (ii) interface effects, and (iii) tunneling-assisted interfacial conductivity. We approach the first one through the selection of an effective medium theory. We approach the second one by the introduction of a diminishing layer of interface with an interfacial conductivity to build a thinly coated CNT. The third one is introduced through the observation that interface conductivity can be enhanced by electron tunneling which in turn can be facilitated with the formation of CNT networks. We treat this last issue in a continuum ...